ICBC provides $129.9 million loan for Luanda Household Water Connections Project (Linked to Project ID#65674)

In 2013, the Industrial and Commercial Bank of China (ICBC) and the Government of Angola signed a $129,913,987.25 loan agreement for the Luanda Household Water Connections Project. The borrowing terms of the loan are unknown. The proceeds of the loan were to be used the borrower to partially finance a commercial contract worth $152,839,985.00 between Public Water Company of Luanda (EPAL) and Guangxi Hydroelectric Construction Bureau. The purpose of this project was to establish household water connections in the Rangel, Ingomhota, Samba and Maianga districts within Cazenga municipality and Luanda Province. Guangxi Hydroelectric Construction Bureau was the contractor responsible for implementation and its work was overseen by the Public Water Company of Luanda (EPAL). A groundbreaking ceremony took place on April 25, 2012. This project reached completion, but the precise a date is unknown.

Additional details

1. This project is also known as the Luanda Water Distribution Networks Project and the Cazenga Household Water Connections Project. The Portuguese project title is Ligações Domiciliares nas Redes de Distribuição de Água no Município do Cazenga e nos Distritos do Rangel, Ingomhota, Samba e Maianga, na Província de Luanda. The Chinese project title is 罗安达市新供水管网及入户连接工程 or 罗安达供水系统改造. 2. In 2013, China Development Bank and the Government of Angola were also negotiating over a potential $77,404,765.10 loan agreement for this same project (as captured via Project ID#65674). However, it seems like CDB never signed a final financing agreement because ICBC stepped in instead. This issue warrants further investigation.

Number of official sources

5

Number of total sources

7