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Overview

China Eximbank provides $20.492 million buyer's credit loan for Huila Hotel Construction and Rehabilitation Project

Commitments (Constant USD, 2023)$21,188,505
Commitment Year•2013Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 13, 2013

Geospatial footprint

Map overview

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This project involves the rehabilitation and construction of a hotel in Lubango within Huila Province. More detailed locational information can be found at https://www.openstreetmap.org/relation/11162239

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Angola

Implementing agencies

Government Agencies

  • Angola Tourist Promotion Institute (INFOTUR)

State-owned companies

  • China National Machinery Industry Corporation (Sinomach)

Loan desecription

China Eximbank provides $20.492 million buyer's credit loan for Huila Hotel Construction and Rehabilitation Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On 13 May 2013, China Eximbank signed a financing agreement providing a $20,492,353.03 buyer's credit loan to the Government of Angola for the Huila Hotel Construction and Rehabilitation Project. The loan terms are unknown. Presidential Order No. 131/13 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 $24,108,650.62 commercial contract signed between China National Machinery Industry Corporation (Sinomach) and the Angola Tourist Promotion Institute (INFOTUR). It is unclear whether construction ever began.

Staff comments

Portuguese project title: Construção de um Hotel na Província de Huila 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. This Huila hotel project is separate from Record ID#67370, which captures a China Eximbank $20.492 million buyer's credit loan for Namibe Hotel Construction and Rehabilitation Project. All of the financing and implementation details are the same, but multiple official sources clearly differentiate between the two.