CDB provides $28 million loan for Malanje River Dredging Project

Project narrative

In 2017, China Development Bank (CDB) and the Government of Angola signed a $28 million loan agreement for the Malanje River Dredging Project. The proceeds of the loan will be used by the borrower to partially finance a $33 million commercial contract with China CAMC Engineering Co. This loan was reportedly approved through a larger CDB line of credit, but it is not known which specific line of credit supported this project. The borrowing terms of the loan are also unknown. This project involves the rebuilding and clearing of the Malanje River. More specifically, it involves de-silting work, rain drainage works on the banks of the river, and repair and improvement of a 100 meter long weir. The project is expected to benefit nearby neighborhoods — specifically, Camona, Cahála, Caxito and Cafucufuco — that are affected by river flooding. China CAMC Engineering Co, a subsidiary of Sinomach, is the contractor responsible for implementation. Construction began on March 8, 2019. The expected duration of the construction period was 12 months.