CDB provides $87.5 million loan for Phase 1 of Sanza Pombo Farm Project (Linked to Record ID#67)

CDB provides $87.5 million loan for Phase 1 of Sanza Pombo Farm Project On May 8, 2011, CITIC Construction and Angola’s Ministry of Agriculture, Rural Development and Fishery signed a commercial contract for Phase 1 of Sanza Pombo Farm Project.

Then, in 2012, China Development Bank approved an $87.5 million subsidiary loan for this project through a larger $1.5 billion common terms agreement that it signed with the Government of Angola (captured via Record ID#67).

The proceeds of the loan were to be used by the borrower to finance the commercial contract that was signed on May 8, 2011.

This project involved the construction of the Sanza Pombo Farm, which occupies an area of 9,000 hectares and cultivates rice and cattle, in the municipality of Sanza Pombo within Uíge Province.

More specifically, it involved farm construction, scientific service system building, agricultural technology promotion, laboratory construction and local personnel training. CITIC Construction was the contractor responsible for implementation.

However, Gesterra, a land management company owned by the Angolan Ministry of Agriculture, Rural Development, and Fisheries, was also involved in the management of the project. Construction began on May 22, 2012 and 130 expatriate workers were employed.

The first three years of the project (and CITIC Construction contract period) were used to clear land, build farm infrastructure, and conduct plant experimentation; the final two years of the project (and CITIC Construction contract period) were used to train Angolan farmers in technology and land management.