China Eximbank negotiates USD 1.1 billion loan for Kalunga Naval Academy Construction Project
Pledged amount
$ 1198834722.6665442
Adjusted pledged amount
$ 1198834722.6665442
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Angola
Sector
Government and civil society (Code: 150)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
According to media reports in May 2018, China Eximbank and the Government of Angola were negotiating a USD 1.1 billion loan for the Kalunga Naval Academy Construction Project at Porto Amboim (Cuanza-Sul). As of March 2022, there is no evidence that negotiations ever produced a final financing agreement with China Eximbank. The Government of Angola was planning to secure a USD 15.5 billion credit facility agreement from China for multiple projects. Under this agreement, Angolan authorities hoped to borrow over USD 2.5 billion from China Eximbank for infrastructure and energy projects. Out of this amount, USD 690.2 million was to be injected in the construction of the Corimba Coast Road (see Project ID #65152), USD 760.4 million would be allocated towards an electricity transmission system at Luachimo Dam (see Project ID #65154), and USD 1.1 billion would help build a naval academy in Kalunga, Porto Amboim (Cuanza-Sul) (see Project ID #67488).
Additional details
Number of official sources
3
Number of total sources
17
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Angola [Government Agency]