China Eximbank provides $20.169 million buyer's credit loan for Luanda Hotel Construction and Rehabilitation Project
Commitment amount
$ 22752450.500553887
Adjusted commitment amount
$ 22752450.5
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 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.
Additional details
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.
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 National Electronics Import & Export Corporation (CEIEC) [State-owned Company]
Angola Tourist Promotion Institute (INFOTUR) [Government Agency]