China Eximbank provides $20.492 buyer'c credit loan for Namibe Hotel Construction and Rehabilitation Project

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 Namibe Hotel Construction and Rehabilitation Project. The loan terms are unknown. Presidential Order No. 129/13 was issued on 9 December 2013 formally approving 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.

Additional details

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

Number of official sources

6

Number of total sources

6