China Eximbank provides $22.783 million buyer's credit loan for Cabinda Hotel Construction and Rehabilitation Project
Commitment amount
$ 25701030.54609469
Adjusted commitment amount
$ 25701030.55
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Angola
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
On 13 May 2013, China Eximbank signed a buyer's credit loan agreement providing $22,783,863.25 to the Government of Angola for the Cabinda Hotel Construction and Rehabilitation Project. The loan terms are unknown. Presidential Order No. 132/13 was issued on 9 December 2013 formally approving of this BCL. It is unclear whether these funds were ever disbursed. The purpose of this loan was to finance up to 85% of the $26,804,545 commercial contract signed between China Jiangsu International Economic Technical Cooperation Corporation and the Angola Tourist Promotion Institute (INFOTUR). It is unclear whether construction ever began.
Additional details
Portuguese project title: Construção de um Hotel na Província de Cabinda No sources explicitly state that this is a buyer's credit loan. AidData assumes this is the case for the following reasons: (1) The loan is provided to a foreign borrower, (2) the loan is denominated in USD, (3) the financing amount covers 85% of the commercial contract which is typically observed of buyer's credit loans. However, it should be noted that SAIS-CARI's Chinese Loans to Africa Database characterizes this as just a loan.
Number of official sources
6
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Angola [Government Agency]
Implementing agencies [Type]
China Jiangsu International Economic and Technical Cooperation Company [State-owned Company]
Angola Tourist Promotion Institute (INFOTUR) [Government Agency]