Overview

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 Record ID#66847 and #65751)

Commitment Year•2016Country of Activity•AngolaDirect Recipient Country of Incorporation•AngolaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

End (actual): May 14, 2019

Last repayment (originally scheduled): Dec 29, 2027

Geospatial footprint

Map overview

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The project involved the rehabilitation of two road segments along the EN120 in Cuanza-Sul Province (measuring 57.5 km in length): one that that runs from Alto Dondo to Rio Keve Bridge via Waco Kungo and another that runs from São Mamede to Waco Kungo. More detailed locational information can be found at https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-10.9877%2C14.0957%3B-11.3634%2C15.1208#map=10/-11.0448/14.6079, https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=-11.1774%2C15.0406%3B-11.3634%2C15.1208#map=12/-11.2707/15.0811

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 National Machinery Industry Corporation (Sinomach)

Loan desecription

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

Interest type•UnknownMaturity•12 years

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 $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 Record ID#65751 for other construction projects financed through the 2015 CDB facility. See Record ID#73635 and Record ID#73637 for other sections of the EN120 Road Rehabilitation Project.

Staff comments

1. 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. 2. The $15 billion facility agreement (captured in Record ID#66847) is fully disbursed. 3. 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.