CDB provides $56 million loan Cabinda Maritime Passenger Terminal Rehabilitation Project (Linked to Record ID#66847)

Project narrative

In December 2015, China Development Bank and the Government of Angola signed a $15 billion oil prepayment facility agreement (see Record ID#66847). All of the subsidiary loans approved through this facility have a 12 year maturity. One of the subsidiary loans approved through the facility agreement was a $56 million loan in 2016 for the Cabinda Maritime Passenger Terminal Rehabilitation Project. The proceeds of this loan were used by the borrower to partially finance a $70,000,000 commercial contract with China Gezhouba Group Company, Limited (CGGC). This project involves the rehabilitation of a transshipment and distribution center for marine cargo (or “maritime passengers terminal”) in the city of Cabinda. CGGC was the contractor responsible for implementation. As of October 2017, this project had achieved a 28% completion rate and it had a scheduled completion date sometime between June and July 2018. See Record ID#65751 for other construction projects financed through the 2015 CDB facility.