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Overview

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 Record ID#66847 and #65751)

Commitment Year•2016Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 6, 2016
Start (actual)
Sep 8, 2016
End (planned)
Dec 30, 2017
End (actual)
Aug 22, 2018
Last repayment (originally scheduled)
Dec 29, 2027

Geospatial footprint

Map overview

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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. More detailed locational information can be found at https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-10.9410%2C14.3321%3B-11.3999%2C14.3033

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Government Agencies

  • Government of Angola

Implementing agencies

Government Agencies

  • Government of Angola

State-owned companies

  • Sinohydro Corporation Limited

Loan desecription

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

Interest type•UnknownMaturity•12 years

Narrative

Full Description

Project narrative

On December 9, 2015, China Development Bank (CDB) entered into a $15 billion facility agreement with the Government of Angola. (see Record 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 Record ID#65751 for other construction projects financed through the 2015 CDB facility. See Record ID#73573 and Record ID#73914 for other sections of the EN110 Road Rehabilitation Project.

Staff comments

1. 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. 2. The $15 billion facility agreement (captured via Record ID#66847) is fully disbursed.