China Development Bank provides $2.5 billion loan to Sonangol to support its development efforts
Commitment amount
$ 2820091380.4745874
Adjusted commitment amount
$ 2820091380.47
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Angola
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In 2013, China Development Bank (CDB) and Sonangol Finance Limited — a wholly owned subsidiary of Sociedade Nacional de Combustiveis de Angola (Sonangol), Angola's state-owned oil company — signed a $2.5 billion loan agreement to support the company’s ‘development.’ This loan had a maturity period of 7 years (84 months) but the other borrowing terms are unknown. The loan was reportedly collateralized with oil export revenues.
Additional details
1. This loan appeared in Sonangol's 2016 report (see "Sonangol MANAGEMENT REPORT AND CONSOLIDATED ACCOUNTS 2016," p. 179) but it did not appear in the 2017 report (see "RELATÓRIO DE GESTÃO & CONTAS CONSOLIDADAS 2017," p. 150).
Number of official sources
3
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Sonangol Finance Limited [State-owned Company]
Implementing agencies [Type]
Sonangol Finance Limited [State-owned Company]
Collateral provider [Type]
Sociedade Nacional de Combustiveis de Angola (Sonangol) [State-owned Company]
Collateral
Oil export revenues
Loan Details
Maturity
7 years