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Overview

China Eximbank provides $760.4 million loan for Luachimo Hydroelectric Power Transmission System Construction Project (Linked to Record ID#73464)

Commitments (Constant USD, 2023)$765,187,702
Commitment Year•2018Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 15, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Angola

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

China Eximbank provides $760.4 million loan for Luachimo Hydroelectric Power Transmission System Construction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In May 2018, China Eximbank and the Government of Angola were negotiating a $760.4 million loan agreement for the Luachimo Hydroelectric Power Transmission System Construction Project. The parties subsequently signed a $760.4 million facility (loan) agreement for the Luachimo Hydroelectric Power Transmission System Construction Project. The borrowing terms of the loan are unknown. However, it is known that loan was backed by a Sinosure credit insurance policy. The $760.4 million loan had no principal amount outstanding as of June 30, 2024. The purpose of the project was to construct an electricity transmission system to evacuate (transport) power from the Luachimo hydroelectric power plant (also spelled Lauchimo hydroelectric power plant). The project reportedly encountered significant implementation delays due to the Covid-19 pandemic.

Staff comments

1. The construction of the Luachino dam was originally financed with a $180 million loan from ICBC (as captured via Record ID#73464). 2. The project is also known as the Luachimo Transport System Construction Project.