Overview

CDB provides loan for Cabo Ledo-Lobito Section (Lot 2) and Ponte do Rio Longa-Ponte do Rio Keve Section of EN100 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: Jan 1, 2016

Last repayment (originally scheduled): Dec 29, 2027

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The project involved the rehabilitation of two road segments along the EN100 in Cuanza-Sul Province: a segment between Cabo Ledo and Lobito (Lot 2) and a segment between Ponte do Rio Longa and Ponte do Rio Keve. More detailed locational information can be found at https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-9.6557%2C13.2389%3B-8.8131%2C13.2551#map=10/-9.2350/13.1493, https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-10.1984%2C13.5210%3B-10.9862%2C14.0961#map=9/-10.6660/13.8071

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 Harbour Engineering Co., Ltd. (CHEC)

Collateral providers

State-owned companies

Sonangol E.P.

Loan desecription

CDB provides loan for Cabo Ledo-Lobito Section (Lot 2) and Ponte do Rio Longa-Ponte do Rio Keve Section of EN100 Road Rehabilitation Project

Interest type•UnknownMaturity•12 years

Collateral

All subsidiary loans under the $15 billion oil prepayment facility agreement are collateralized against (1) an assignment of rights by Sonangol under an offtake contract (i.e., an oil sale and purchase contract between Sonangol and a Chinese oil buyer), and (2) a collection account charge over a bank account into which proceeds due to Sonangol from the Chinese oil buyer under an offtake contract are credited; and (c) a minimum cash balance of approximately $1.5 billion in an escrow account known as the Debt Service Reserve Account (DSRA).

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 loan in 2016 for the Cabo Ledo-Lobito Section (Lot 2) and Ponte do Rio Longa-Ponte do Rio Keve Section of EN100 Road Rehabilitation Project. The proceeds of this loan were used to finance a $39,910,752.26 commercial contract with China Harbor Engineering Company Limited (CHEC). The project involved the rehabilitation of two road segments along the EN100 in Cuanza-Sul Province: a segment between Cabo Ledo and Lobito (Lot 2) and a segment between Ponte do Rio Longa and Ponte do Rio Keve. The project reportedly entered implementation, but its precise implementation start and end dates are unknown. See Record ID#65751 for other construction projects financed through the 2015 CDB facility. See Record ID#73631 and Record ID#73638 for other sections of the EN100 Road Rehabilitation Project.

Staff comments

The Portuguese project title is Reabilitação da EN 100 - Troço: Cabo Ledo/Lobito Lote 02 - Ponte do Rio Longa/ Ponte do Rio Keve, na Província do Cuanza-Sul. The $15 billion facility agreement (captured in Record ID#66847) is fully disbursed.