ICBC provides $50.874 million loan for 220kv Lomaum Electricity Transmission Line Construction Project (Linked to Record ID#73911)

Project narrative

On 9 December 2013, the Government of Angola issued a presidential order (No. 128/13), approving a $50,874,466.37 loan from the Industrial and Commercial Bank of China (ICBC) for the 220kv Lomaum Electricity Transmission Line Construction Project. The loan terms are unknown. This project involves the construction of a 220kv electricity transmission line between Lomaum and Biópio. It also involved the construction of several electricity substations. The purpose of this project is to evacuate power from the ICBC-financed Lomaum Hydroelectric Power Plant (see Record ID#73911). Guangxi Hydroelectric Construction Bureau was the contractor responsible for constructing the transmission line. On 7 June 2016, the President of Angola authorized an a proposal to increase the contract cost by $8.191 million to cover the erection of two cables from the hydropower station to Biópio (89.4 km) and from Biópio to South Benguela (57 km). but it is unclear if this increase was also covered by ICBC.