CITIC Bank provides $43.5 million loan for acquisition of telecommunications equipment from ZTE

$43.5M USD

Funder	China CITIC Bank Corporation Limited
Recipient Organization	Government of Angola
Country	Angola
Start Date	Jan 01, 2006
End Date	Apr 18, 2032
Duration	9,604 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`136`

Grant Description

CITIC Bank provides $43.5 million loan for acquisition of telecommunications equipment from ZTE In 2006, China CITIC Bank and Dutch ABN AMRO jointly extended an $87 million loan to Angola's Finance Ministry to fund the country's purchase of telecommunications equipment from Chinese state-owned company, ZTE Corporation.

CITIC Bank and ABN AMRO each provided $43.5 million. The proceeds of the loan were to be used to partially finance a $102 million commercial contract with ZTE. The implementation status of this project is unknown.

📋 Staff Comments

This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.In the World Bank’s PPIAF dataset, the corresponding Project ID number is PPIAF-ID:12.

📚 Sources & References

http://www.zt178.cn/Chinese/Bs_NewsInfo.asp?Action=%252525252525B9%252525252525AB%252525252525CB%252525252525BE%252525252525D0%252525252525C2%252525252525CE%252525252525C5&id=279
Building Bridges: China's Growing Role as Infrastructure Financier for Sub-Saharan Africa
Chinese Loans to Africa Database Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.