CDB provides $79 million loan for Camaiangala Agroindustrial Farm Project (Linked to Record ID#67)

CDB provides $79 million loan for Camaiangala Agroindustrial Farm Project In 2013, China Development Bank approved an $79 million subsidiary loan for the Camaiangala Agroindustrial Farm Project through a larger $1.5 billion common terms agreement that it signed with the Government of Angola (as captured via Record ID#67).

The proceeds of the loan were to be used by the borrower to finance a commercial contract that the Government of Angola signed with China National Electronics Import & Export Corporation (CEIEC) in 2011. This project involved the construction of an agroindustrial farm in Camanongue in Moxico Province.

More specifically, the project involved cultivation of 16,000 hectares of maize, soybeans, maize flour, and pork. CEIEC 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.

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