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ICBC provides $405 million loan for Zaire Province Electrification Project (Linked to Record ID#43782)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Government of Angola |
| Country | Angola |
| Start Date | Jan 01, 2018 |
| End Date | Apr 08, 2028 |
| Duration | 3,750 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67114 |
Grant Description
ICBC provides $405 million loan for Zaire Province Electrification Project In 2018, Industrial and Commercial Bank of China (ICBC) and the Government of Angola signed a $405,053,533 loan agreement for the Zaire Province Electrification Project.
The loan agreement entered into force on September 17, 2018. but it is unclear when the loan agreement itself was signed. The borrowing terms are also unknown.
The proceeds of the loan were used to be used by the borrower to partially finance a $435,517,852 commercial contract with TBEA. The purpose of the project was to develop electrification and home connections in Zaire province. TBEA was the contractor responsible for implementation. Construction began on April 28, 2017.
The first power substation under the project successfully supplied power on August 12, 2018. When completed and put into use, the project is expected to benefit more than 70,000 local residents.
According to multiple reports, this project complements the construction of the Soyo-Kapary power project (as captured via Record ID#43782).
Staff Comments
- The Portuguese project name is Electrificação e Ligações Domiciliares na Província do Zaire. The Chinese project name is 扎伊尔省供电项目.
- Given that ICBC agreed to provide a loan to finance approximately 90% of the cost of the commercial contract, AidData assumes that the loan was issued in the form of a buyer's credit. This issue warrants further investigation.
Sources & References
- 特变电工2018年度社会责任报告
- 特变电工：2017年度社会责任报告, 【一带一路旗舰篇】点亮宽扎河畔的明珠
- Chinese Loans to Africa Database
- 驻安哥拉大使崔爱民应邀出席扎伊尔省供电项目开工仪式
- Resolucao No. 96 FP/2017 Proc. no. 35/PV/2017
- Relatorio de Execucao Trimestral do Orcamento Geral do Estado: III Trimestre de 2018
- Província do Zaire conta com novas Subestações Eléctricas e Sistema de Abastecimento de Água 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.
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Government of Angola
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