Overview

China Eximbank provides $20.169 million buyer's credit loan for Luanda Hotel Construction and Rehabilitation Project

Commitments (Constant USD, 2023)$20,855,158

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 Luanda Province. More detailed locational information can be found at https://www.openstreetmap.org/relation/1802546#map=8/-9.519/13.706

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 Electronics Import & Export Corporation (CEIEC)

Loan description

China Eximbank provides $20.169 million buyer's credit loan for Luanda 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 $20,169,958.55 buyer's credit loan to the Government of Angola for the Luanda Hotel Construction and Rehabilitation Project. The loan terms are unknown. Presidential Order No. 130/13 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 $23,729,363 commercial contract signed between China National Electronics Import & Export Corporation (CEIEC or 中国电子进出口有限公司) 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 Luanda 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.