CDB and Standard Chartered Bank provide $1 billion to Sonangol to support its expansion efforts
Commitment amount
$ 696363467.8981202
Adjusted commitment amount
$ 696363467.9
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Angola
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In 2010, China Development Bank (CDB) and Standard Chartered Bank signed a $1 billion loan agreement with Sonangol Finance Limited — a wholly-owned subsidiary of Sociedade Nacional de Combustiveis de Angola (Sonangol), Angola's state-owned oil company — to support its future expansion efforts. This loan had a maturity of 7 years, but its other borrowing terms are unknown
Additional details
1. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. 2. The individual contribution of China Development Bank to the syndicated loan is unknown. For the time being, AidData has estimated the contribution of CDB by assuming that the two lenders contributed equal amounts ($500 million) to the loan syndicate.
Number of official sources
3
Number of total sources
4
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Standard Chartered Bank PLC [Private Sector]
Direct receiving agencies [Type]
Sonangol Finance Limited [State-owned Company]
Implementing agencies [Type]
Sonangol Finance Limited [State-owned Company]
Loan Details
Maturity
7 years