CDB provides $56 million loan for Alto Dondo-Waco Kungo-Rio Keve Bridge (Lot 4) Section and São Mamede-Waco Kungo Section of the EN120 Road Rehabilitation Project (Linked to Project ID#66847 and #65751)
Commitment amount
$ 66538334.045999624
Adjusted commitment amount
$ 66538334.05
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Angola
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
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 $56,350,000 loan in 2016 for the Alto Dondo-Waco Kungo-Rio Keve Bridge (Lot 4) Section and São Mamede-Waco Kungo Section of the EN120 Road Rehabilitation Project. The proceeds of this loan were used to finance a $35,471,053.09 commercial contract with China National Machinery Industry Corporation Group (SINOMACH). The project involved the rehabilitation of two road segments along the EN120 in Cuanza-Sul Province (measuring 57.5 km in length): one that runs from Alto Dondo to Rio Keve Bridge via Waco Kungo and another that runs from São Mamede to Waco Kungo. 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#73635 and Project ID#73637 for other sections of the EN120 Road Rehabilitation Project.
Additional details
The Portuguese project title is Reabilitação da EN 120 - Troço Alto Dondo/Waco Kungo/Ponte do Rio Keve: Lote 04 - São Mamede/Waco Kungo, na Província do Cuanza-Sul. The $15 billion facility agreement (captured in Project ID#66847) is fully disbursed. SAIS-CARI identifies the face value of the loan that supported the Alto Dondo-Waco Kungo-Rio Keve Bridge (Lot 4) Section and São Mamede-Waco Kungo Section of the EN120 Road Rehabilitation Project as $102 million, but this value exceeds the value of the commercial contract.
Number of official sources
2
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Angola [Government Agency]
Implementing agencies [Type]
Government of Angola [Government Agency]
China National Machinery Industry Corporation (Sinomach) [State-owned Company]
Loan Details
Maturity
12 years