China Development Bank disburses unknown amount to China Sonangol International Holding Ltd. to acquire 49% stake in Air Tanzania and purchase planes (Linked to Record ID#59666)

Project narrative

In 2008, the China Development Bank (CDB) signed an agreement committing to loan $21 million USD to China Sonangol International Holding Ltd. for acquiring 49% ownership stake in Air Tanzania Corporation Ltd. (ATCL), a state-owned airline. The proceeds of the loan were reportedly also to be used to buy a number of planes for Air Tanzania. Record ID#59666 captures the initial loan commitment of $21 million USD. Because it was subsequently cancelled, this project captures the unspecified disbursed amount. According to a report from the African Center for Strategic Studies (p. 45-46), "by July 2010, it seemed that the China Sonangol-Air Tanzania partnership had been abandoned, as Tanzanian newspapers reported that the country’s national airline would instead forge a partnership with Air Zimbabwe." According to media reports, it seems as if some of the loan was spent on at least three aircrafts. One was a Dash 8 300 series operated by Air Tanzania crashed in April 2012 at Kigoma Airport in western Tanzania, injuring 35 passengers and four crew members. The aircraft is now a write-off.