ICBC provides $80 million loan for Social Housing Project in Malanje, Moxico, and Bie provinces
Commitment amount
$ 87187979.83029413
Adjusted commitment amount
$ 87187979.83
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Angola
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In 2018, the Industrial and Commercial Bank of China (ICBC) and the Government of Angola reportedly signed an $80 million loan agreement for a Social Housing Project. The proceeds from this loan were used to partially finance a $92.2 million commercial contract between the Government of Angola and Guangxi Hydroelectric Construction Bureau, which was signed in late 2015. The purpose of this project is to build 500 social housing units in Malanje province, 450 social housing units in Moxico province, and 500 social housing units in Bie province. On March 1, 2017, Guangxi Hydroelectric Construction Bureau started the construction. As of 2018, the project is still under implementation.
Number of official sources
1
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Angola [Government Agency]
Implementing agencies [Type]
Guangxi Hydroelectric Construction Bureau (GHCB) [State-owned Company]