CDB provides $20 million loan for Alto Dondo-Waco Kungo-Rio Keve Bridge (Lot 2) Section and Munenga-Pontão do Rio Quimone Section of the EN120 Road Rehabilitation Project (Linked to Record ID#66847 and #65751))

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 $20 million loan in 2016 for the Alto Dondo-Waco Kungo-Rio Keve Bridge (Lot 2) Section and Munenga-Pontão do Rio Quimone Section of the EN120 Road Rehabilitation Project. The proceeds of this loan were used to finance a $48 million commercial contract with Pan China Construction Group. The project involved the rehabilitation of two road segments in Cuanza-Sul Province: one that runs from Alto Dondo to Rio Keve Bridge via Waco Kungo (Lot 2) and another that runs from Munenga to Pontão do Rio Quimone. 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#73635 and Record ID#73656 for other sections of the EN120 Road Rehabilitation Project.