CDB provides $60 million loan for Cabinda Airport Expansion and Modernization Project (Linked to Record ID#66847 and #65751)

Project narrative

In December 2015, China Development Bank and the Government of Angola signed a $15 billion oil prepayment facility (see Record ID#66847). All of the subsidiary loans approved through this facility have a 12 year maturity. In 2016, CDB reportedly approved a $60 million subsidiary loan for the Cabinda Airport Expansion and Modernization Project through this facility. The purpose of this loan is to facilitate the expansion and modernization of the airport in Cabinda, which is also known as the Maria Mambo Cafe Airport. The proceeds of the loan were used to partially finance an EPC contract with China Railway Construction Corporation Ltd. The Cabinda Airport Expansion and Modernization Project involves the expansion of the airport runway to 3400 meters long and 60 meters wide. Upon completion, the 10,000-square-meter passenger terminal will be able to accommodate 900 passengers during peak hours. Construction began on or around December 6, 2016. However, the project had only achieved a 40% completion rate as of 2019, and it was at least temporarily suspended due to lack of payment to CRCC. See Record ID#65751 for other construction projects financed through the 2015 CDB facility.