CDB issues loan for the New Luanda International Airport Construction Project (Linked to Record ID#65402)

Project narrative

In 2017, China Development Bank reportedly issued a loan for the New Luanda International Airport Construction Project. The face value and borrowing terms of this loan are unknown. In 2018, ICBC also provided a loan for this airport (captured in Record ID#65402). The project involves the construction of the the New Luanda International Airport (NAIL) which is located on the outskirts of the city of Luanda. Metallurgical Corporation of China and AVIC (中航国际工程) were the contractors selected to implement the project and a 40% project completed rate was achieved by October 2017. As of August 2019, the project had achieved a 60% completion rate, with plans to commission the airport in 2022. However, due to financial problems, work on the project was halted in 2019. Then, at the second Ordinary Session of the Cabinet Council, held on February 28, 2019, Angola’s Ministry of Transport was directed to conduct technical and financial review of the project in order to guarantee its completion, ensure better alignment with various ministerial departments, and establish a new schedule of actions. Then, in May, 2020, an addendum to the commercial contract between AVIC-Eng and MINTRANS was signed. At the same time, the parties signed a Memorandum of Understanding (MOU) as part of the technical review work to adapt the quality and operational parameters of the new airport. Work resumed on May 17, 2021. Then, on June 17, 2022, the airport organized its first test flight as part of a certification process and it was officially renamed Agostinho Neto International Airport. The project was rescheduled for completion on December 31, 2023. Angolan President Joao Lourenco attended an opening ceremony on November 10, 2023, launching the airport's cargo operations.