Overview

CDB provides $53 million loan for Lucala-Malage-Saurimo Section (Lot 1) and Lucala-Cacuso Section of EN322 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

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 7, 2016

Start (actual): Feb 1, 2017

Last repayment (originally scheduled): Dec 29, 2027

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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Two road segments (measuring 60 km in length) along the EN322: a segment between Lucala, Malage, and Saurimo and a segment between Lucala and Cacuso. More detailed locational information can be found at https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-9.7463%2C15.4124%3B-9.4267%2C15.7407, https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-9.6613%2C20.3927%3B-9.4267%2C15.7407#map=9/-9.5926/15.4276

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

China Bengbu International Technology & Economic Cooperation (CBITEC)

Loan description

CDB provides $53 million loan for Lucala-Malage-Saurimo Section (Lot 1) and Lucala-Cacuso Section of EN322 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 $53 million loan in 2016 for the Lucala-Malage-Saurimo Section (Lot 1) and Lucala-Cacuso Section of EN322 Road Rehabilitation Project. The proceeds of this loan were used to finance a $58,055,000 commercial contract with China Bengbu Corporation for International Tech-Economic Corporation (CBITEC). The project involved the rehabilitation of two road segments (measuring 60 km in length) along the EN322: a segment between Lucala, Malage, and Saurimo and a segment between Lucala and Cacuso. The project reportedly entered implementation in February 2017, but its precise implementation start and end dates are unknown. See Record ID#65751 for other construction projects financed through the 2015 CDB facility.

Staff comments

1. The Portuguese project title is Reabilitação da EN 230 - Troço: Lucala/Malanje/Saurimo: Lote 01 - Lucala/Cacuso (Intersecção EN 322). The Chinese project title is 马兰热省Lucala-Cacuso段国道修复项目. 2. The $15 billion facility agreement (captured in Record ID#66847) is fully disbursed.