CDB provides $53 million loan for Lucala-Malage-Saurimo Section (Lot 1) and Lucala-Cacuso Section of EN322 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 $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 Project ID#65751 for other construction projects financed through the 2015 CDB facility.

Additional details

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. The $15 billion facility agreement (captured in Project ID#66847) is fully disbursed.

Number of official sources

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Number of total sources

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