China Eximbank provides $65.3 million loan for Geological Survey Project

Project narrative

On March 17, 2017, China Eximbank and the Government of Angola signed a $65.3 million loan agreement for the Geological Survey Project. The borrowing terms of the loan are unknown. The borrower was allowed to use the proceeds of the loan to finance a $77 million commercial contract with CITIC Construction, which was signed in October 2013. This project involved carrying out airborne geophysical surveys, 1:250000 geochemical surveys, 1:250000 regional geological mapping, 1:50000 professional geotechnical engineering exploration research, 1:50000 metal mineral exploration and 1:50000 building materials mineral exploration in the northwest section of the country, and the construction of a scientific laboratory (under the auspices of the Angolan Institute of Geology) of international advanced level in Luanda, Lubango and Saurimo. The laboratory provides 12 months of job training and 24 months of laboratory operation technical services. The purpose of the laboratory was to provide a systematic, solid and comprehensive development platform for the geological and mineral work in Angola. The groundbreaking ceremony for this project took place on May 13, 2014 but construction did not begin until August 2014. 75% of the airborne geophysical work and 8.3% of the construction work was completed by the end of 2015. While the projected completion was supposed to occur during 2017, as of August 2020, project progress was at 97% and is expected to continue into 2021.