Bank of China provides $148.7 million buyer's credit loan for Luanda New International Airport Railway Branch Line Project (Linked to Project ID#67414, #65402)

On September 4, 2018, Bank of China (BOC) and the Government of Angola signed a $148,721,360 buyer's credit loan (BCL) agreement for the Luanda New International Airport Railway Branch Line Project. The BCL agreement entered into force on September 4, 2018 but it is unclear when the financing agreement itself was signed. The borrowing terms of the loan are also unknown. Sinosure provided insurance for this loan. The proceeds of the loan were to be used by the borrower to partially finance a $162,473,143 commercial (EPC) contract signed on July 10, 2017 between Angola’s Ministry of Transportation, China Hyway Group Limited, and Tianjin Oubaiwei Corp. Ltd. The purpose of the project is to construct a 17.4 km rail link between New Luanda International Airport (also known as New Angola International Airport or NAIL) and Luanda City. More specifically, it involves the construction of a second railway line between Baia station and NAIL that runs parallel to the existing Luanda Railway Line known as Caminho-de-Ferro de Luanda (CFL). China Hyway Group Limited and Tianjin Oubaiwei Corp. Ltd. are the EPC contractors responsible for implementation. Construction began on July 10, 2017. Then, on February 3, 2022, the first 32-meter T beam of the airport bridge was laid. ICBC also financed the construction of this airport (as captured via Project ID#65402). This project is closely related to the 2016 Bungo-Baia Double Railway Track Construction Project (see Project ID#67414).

Additional details

1. The Portuguese project title is Ramal Ferroviário de Ligação ao NAIL. The Chinese project title is 罗安达新国际机场铁路支线项目. 2. SAIS-CARI and Boston University identify the loan commitment year as 2017. AidData relies on the commitment year (2018) that is identified by Angola’s Ministry of Finance.

Number of official sources

7

Number of total sources

15