CDB provides $60 million loan for 31.1 km Alto Dondo-Waco Kungo-Rio Keve Bridge Section and Waco Kungo-Rio Keve Bridge Section (Lot 5) of the EN120 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 $60 million loan in 2016 for the 31.1 km Alto Dondo-Waco Kungo-Rio Keve Bridge Section and Waco Kungo-Rio Keve Bridge Section (Lot 5) of the EN120 Road Rehabilitation Project. The proceeds of this loan were used to finance a $23,325,000 commercial contract with China National Machinery Industry Corporation Group (SINOMACH). The project involved the rehabilitation of two road segments (measuring 31.1 km in length) in Cuanza-Sul Province: one that runs from Alto Dondo to Rio Keve Bridge via Waco Kungo and another that runs from Waco Kungo to Rio Keve Bridge (Lot 5). The road section was officially completed around May 14, 2019. See Project ID#65751 for other construction projects financed through the 2015 CDB facility. See Project ID#73637 and Project ID#73656 for other sections of the EN120 Road Rehabilitation Project.

Additional details

This project is also known as Section 5 of the National Road 120 Rehabilitation Project. The Portuguese project title is Reabilitação da EN 120 - Troço Alto Dondo/Waco Kungo/Ponte do Rio Keve: Lote 05 - Waco Kungo/Ponte do Rio Keve, na Província do Cuanza-Sul. The $15 billion facility agreement (captured in Project ID#66847) is fully disbursed.

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