China Eximbank negotiates USD 760.4 million loan for Luachimo Dam Electrical Power Transmission System Construction Project (Linked to Project ID #73464)

According to media reports in May 2018, China Eximbank and the Government of Angola were negotiating a USD 760.4 million loan for the construction of a transportation system of electrical power from the Lauchimo Dam (also spelled Luachimo dam). As of March 2022, there is no evidence that negotiations ever produced a final financing agreement with China Eximbank. The work was initially scheduled for completion in 2020, but due to the outbreak of the new coronavirus the work has been slowed down. As of August 2020, the project is reported to have reached 60% physical execution. The Government of Angola was planning to secure a USD 15.5 billion credit facility agreement from China for multiple projects. Under this agreement, Angolan authorities hoped to borrow over USD 2.5 billion from China Eximbank for infrastructure and energy projects. Out of this amount, USD 690.2 million was to be injected in the construction of the Corimba Coast Road (see Project ID #65152), USD 760.4 million would be allocated towards an electricity transmission system at Luachimo Dam (see Project ID #65154), and USD 1.1 billion would help build a naval academy in Kalunga (see Project ID #67488). The Luachino dam was originally financed with a USD 180 million loan from ICBC (see Project ID #73464).

Number of official sources

3

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19