CDB provides $31 million loan for Cabo Ledo-Lobito Road (Lot 4) and Sumbe-Ponte do Rio Eval of EN110 Road Rehabilitation Project (Linked to Project ID#66847 and #65751)

On December 9, 2015, China Development Bank (CDB) entered into a $15 billion facility agreement with the Government of Angola. (see Project ID#66847). The facility is an oil prepayment facility with repayments being serviced through receivables from a designated oil contract. The facility agreement has a maturity of 12 years and its availability period expired on December 9, 2017. One of the subsidiary loans approved through this facility was a $31 million loan in 2016 for the Cabo Ledo-Lobito Road (Lot 4) and Sumbe-Ponte do Rio Eval of EN110 Road Rehabilitation Project. The proceeds of this loan were used to finance a $58,476,975.15 commercial contract with Sinohydro Group, Limited. The project involved the rehabilitation of two road segments (measuring 78.2 km in length) along the EN110 within the province of Cuanza-Sul: a segment between Cabo Ledo and Lobita and a segment between Sumbe and Ponte do Rio Eval. A groundbreaking ceremony took place on September 8, 2016. It was originally envisaged that the project would reach completion by December 30, 2017; however, the project was ultimately completed on or around August 22, 2018. See Project ID#65751 for other construction projects financed through the 2015 CDB facility. See Project ID#73573 and Project ID#73914 for other sections of the EN110 Road Rehabilitation Project.

Additional details

The Portuguese project title is Reabilitação da EN 100 - Troço: Cabo Ledo/Lobito - Lote 04 - Sumbe/Ponte do Rio Eval, na Província do Cuanza-Sul. The Chinese project title is 中国电建安哥拉南宽扎省公路项目 or 安哥拉松贝至伊沃河桥公路修复项目. The $15 billion facility agreement (captured in Project ID#66847) is fully disbursed.

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