China Eximbank and CDB provide $60 million loan for Porto Amboim Water Supply Project

Project narrative

In approximately 2017, China Eximbank and China Development Bank (CDB) provided a $60 million loan to the Government of Angola for the Porto Amboim Water Supply Project. The borrowing terms of the loan are unknown. The proceeds of the loan were used to finance a $60,073,882.81 commercial contract with the Angolan subsidiary of CGC Overseas Construction (CGCOOTSE), which was signed on 25 November 2015. This project involved the construction of modern water treatment facilities in the city of Porto Amboim within Cuanza-Sul Province. It also involved the construction of a water pipeline that passes through the following villages: Bambala, Camulo I and II, Cazanga, Denda, Icuacua, Libata do Onze, Mucambe, Mussonga, palanca, Quindande and Quiteca. A ribbon-cutting ceremony was held in April 2017 but construction did not actually begin until 11 May 2017. The project was reportedly completed, but its precise completion date is unknown. According to CGC Overseas Construction, the implementation of this project increased Porto Amboim’s daily water supply capacity by 15,000 tons and it benefited 100,000 local residents.