CDB provides $38 million loan for Breakwater at Cabinda Port Project (Linked to Project ID#66847 and #65751)
Commitment amount
$ 44870571.31762175
Adjusted commitment amount
$ 44870571.32
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 $38 million loan in 2016 for the Breakwater at Cabinda Port Project. The proceeds of this loan were used to finance a $65 million commercial contract with China Gezhouba Group Company, Limited (CGGC). The project involved the construction of a breakwater at the Port of Cabinda. The project reportedly entered implementation in 2016 and finished around 2018. See Project ID#65751 for other construction projects financed through the 2015 CDB facility.
Additional details
The Portuguese project title is Construção do Quebramar do Porto de Cabinda. The $15 billion facility agreement (captured in Project ID#66847) is fully disbursed.
Number of official sources
3
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Angola [Government Agency]
Implementing agencies [Type]
China Gezhouba Group Company Ltd. (CGGC) [State-owned Company]
Government of Angola [Government Agency]
Loan Details
Maturity
12 years