Overview

CDB provides loan for Phase 1 of Cabinda Political and Administrative Center Expansion and Restoration Project (Linked to Record ID#66847)

Commitment Year•2016Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Government And Civil SocietyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

Last repayment (originally scheduled): Dec 29, 2027

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The project financed the Cabinda Political and Administrative Center Expansion and Restoration in Cabina, Angola. More detailed locational information can be found at https://www.openstreetmap.org/way/894034867

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

China Development Bank (CDB)

Receiving agencies

Government Agencies

Government of Angola

Implementing agencies

Government Agencies

Government of Angola

State-owned companies

China Jiangsu International Economic and Technical Cooperation Company

Collateral providers

State-owned companies

Sonangol E.P.

Loan desecription

CDB provides loan for Phase 1 of Cabinda Political and Administrative Center Expansion and Restoration Project

Interest type•UnknownMaturity•12 years

Collateral

All subsidiary loans under the $15 billion oil prepayment facility agreement are collateralized against (1) an assignment of rights by Sonangol under an offtake contract (i.e., an oil sale and purchase contract between Sonangol and a Chinese oil buyer), and (2) a collection account charge over a bank account into which proceeds due to Sonangol from the Chinese oil buyer under an offtake contract are credited; and (c) a minimum cash balance of approximately $1.5 billion in an escrow account known as the Debt Service Reserve Account (DSRA).

Narrative

Full Description

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 loan in 2016 for Phase 1 of Cabinda Political and Administrative Center Expansion and Restoration Project. The proceeds of this loan were used by the borrower to partially finance a $30,909,758.00 commercial contract with China Jiangsu International Economic and Technical Corporation Group. The purpose of this project is the restoration and expansion of a political administrative building in Cabinda.

Staff comments

The Chinese project title is 安哥拉卡宾达省政府大楼. The Portuguese project title is Construção do Centro Político-Administrativo do Governo da Província de Cabinda (Fase 1). SAIS-CARI identifies the face value of the loan that supported Phase 1 of Cabinda Political and Administrative Center Expansion and Restoration Project as $40 million, but this value exceeds the value of the commercial contract. Therefore, for the time being, AidData does not record a face value (transaction amount) for this loan.