Skip to content
AidData logo

Overview

CDB provides $60 million loan for Soyo City River and Land Terminal Construction 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
Start (actual)
Nov 4, 2016
End (actual)
Dec 24, 2018
Last repayment
Dec 29, 2027

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This project involved the construction of a quay at the passenger and cargo terminal in the municipality of Soyo and the province of Zaire. More detailed locational information can be found at https://www.openstreetmap.org/node/2051103707#map=14/-6.1783/12.3760.

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 Harbour Engineering Co., Ltd. (CHEC)

Collateral providers

State-owned companies

  • Sonangol E.P.

Loan desecription

CDB provides $60 million loan for Soyo City River and Land Terminal Construction Project

Interest type•UnknownMaturity•12 years

Collateral

All subsidiary loans under the $15 billion oil prepayment facility agreement are collateralized against (1) an assignment of rights by Sonangol under an offtake contract (i.e., an oil sale and purchase contract between Sonangol and a Chinese oil buyer), and (2) a collection account charge over a bank account into which proceeds due to Sonangol from the Chinese oil buyer under an offtake contract are credited; and (c) a minimum cash balance of approximately $1.5 billion in an escrow account known as the Debt Service Reserve Account (DSRA).

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 $60 million loan in 2016 for the Soyo City River and Land Terminal Construction Project. The proceeds of this loan were used to finance a $70 million commercial contract with China Harbour Engineering Corporation (CHEC). This project involved the construction of a 200-meter-long wharf, including 2 berths for cargo ships and 2 berths for passenger ships, in the municipality of Soyo and the province of Zaire. Construction began on 4 November 2016; and it ended on or around 24 December 2018. See Record ID#65751 for other construction projects financed through the 2015 CDB facility.

Staff comments

1. The Chinese project title is 安哥拉索约水陆码头建造项目. 2. The $15 billion CDB facility agreement (captured in Record ID#66847) is fully disbursed.