China Eximbank provides loan for PALOP Headquarters Building Construction Project

Project narrative

On May 9, 2014, China Eximbank and the Government of Angola signed a loan agreement for the PALOP Headquarters Building Construction Project. The face value and borrowing terms of this loan are unknown. The proceeds of the loan were used by the borrower to finance a $24.9 million commercial contract with an unknown firm. The purpose of the project is to build the headquarters for the Economic and Commercial Training Institute of the African Portuguese Speaking Countries Community (PALOP) in the city of Lubango within Huíla province. The project involves the construction of two buildings with three and two floors, with a capacity to accommodate 2,000 students in 60 dormitories to accommodate students and teachers from African countries with Portuguese as an official language. The PALOP will will teach courses in Finance, Accounting, Hospitality and Tourism, unlike its previous purpose of focusing only on economic and financial management training. Construction began in 2016 and the institute was scheduled to open in September 2020 (when Angola will assume the presidency of the CPLP). The headquaters were inagurated in September 2020.