Overview

CDB provides loan for Phase 2 of the Cabinda Campus of 11 de Novembro University Project (Linked to Record ID#66847)

Commitment Year•2016Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•EducationFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

Last repayment: Dec 29, 2027

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

Cabinda Campus of 11 de Novembro University in the city of Cabinda. More detailed locational information can be found at https://www.google.com/maps/place/Universidade+11+de+Novembro/@-5.5611766,12.1835723,16z/data=!4m8!1m2!2m1!1s+Universidade+11+de+Novembro+cabinda!3m4!1s0x0:0x508436f4f4014046!8m2!3d-5.5599578!4d12.1949892 and https://www.openstreetmap.org/way/476409090

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 Road & Bridge Corporation (CRBC)

Collateral providers

State-owned companies

Sonangol E.P.

Loan desecription

CDB provides loan for Phase 2 of the Cabinda Campus of 11 de Novembro University 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 2 of the Cabinda Campus of 11 de Novembro University Project. The proceeds of this loan were used by the borrower to partially finance a $23,375,000.00 commercial contract with China Road and Bridge Corporation (CRBC). The project intends to construct 3 university departments (Faculties of Economics, Medicine, and ISCED) on the Cabinda Campus of 11 de Novembro University in the city of Cabinda.

Staff comments

The Portuguese project title is Construção do Campus Universitário (Fase 2), Construção de 3 Unidades Orgânicas (Faculdades de Economia, de Medicina e ISCED), na Cidade de Cabinda. SAIS-CARI identifies the face value of the loan that supported Phase 2 of the Cabinda Campus of 11 de Novembro University Project as $50 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.