ICBC provides $120 million loan for Phase 1 of Futungo de Belas Project

In November 2014, the President of Angola issued a decree (Presidential Decree No. 224/14), approving a $120 million loan agreement with the Industrial and Commercial Bank of China (ICBC) for Phase 1 of Futungo de Belas Project. The borrowing terms of this loan are unknown. The borrower was allowed to use the proceeds of this loan to finance a $150 million commercial contract with CITIC Construction, which was signed on June 15, 2011. The project involves the development of sports, tourism, housing and trade facilities on a 537 hectares site that is located about 11 kilometers outside the city of Luanda. It also involves the construction and maintenance of logistics infrastructure, including drinking water, electricity and sanitation facilities. A foundation laying ceremony for this project took place on July 11, 2011. The project was still being implemented in 2017 and 2018. However, it is not clear whether or when the project reached completion.

Additional details

1. The project is also known as the Angola National Tourism Area Project. 2. The Portuguese project title is Perímetro Desanexado do Futungo de Belas - Fase I. 3. The Chinese project title is 安哥拉国家旅游区项目. 4. In the the database of Chinese loan commitments that SAIS-CARI released in July 2020, it identifies a $31 million CDB loan in 2016 for this project. However, it does not record the $120 million ICBC loan that was contracted in 2014. AidData has not identified any official sources that corroborate the provision of a $31 million CDB loan, so for the time being it only records the $120 million loan from ICBC.

Number of official sources

8

Number of total sources

15