Loading grant details…
ICBC provides $120 million loan for Phase 1 of Futungo de Belas Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Government of Angola |
| Country | Angola |
| Start Date | Jan 01, 2014 |
| End Date | Nov 14, 2033 |
| Duration | 7,257 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67326 |
Grant Description
ICBC provides $120 million loan for Phase 1 of Futungo de Belas Project In November 2014, the President of Angola issued a decree (Presidential Decree No. 224/14), approving a $120 million loan agreement with the Industrial and Commercial Bank of China (ICBC) for Phase 1 of Futungo de Belas Project.
The borrower was allowed to use the proceeds of this loan to finance a $150 million commercial contract with CITIC Construction, which was signed on June 15, 2011.
The project involves the development of sports, tourism, housing and trade facilities on a 537 hectares site that is located about 11 kilometers outside the city of Luanda.
It also involves the construction and maintenance of logistics infrastructure, including drinking water, electricity and sanitation facilities. A foundation laying ceremony for this project took place on July 11, 2011. The project was still being implemented in 2017 and 2018. However, it is not clear whether or when the project reached completion.
Staff Comments
- The project is also known as the Angola National Tourism Area Project.
- The Portuguese project title is Perímetro Desanexado do Futungo de Belas - Fase I.
- The Chinese project title is 安哥拉国家旅游区项目.
- In the the database of Chinese loan commitments that SAIS-CARI released in July 2020, it identifies a $31 million CDB loan in 2016 for this project. However, it does not record the $120 million ICBC loan that was contracted in 2014. AidData has not identified any official sources that corroborate the provision of a $31 million CDB loan, so for the time being it only records the $120 million loan from ICBC.
Sources & References
- Angola gets ICBC loan for real estate project
- Angola receives loan from Industrial and Commercial Bank of China for real estate project
- Diario da Republica Orgao Oficial da Repbulica de Angola Quinta-feira, 20 de Novembro de 2014
- 中信建设公司安哥拉国家旅游区项目签约
- 安哥拉国家旅游区项目
- 安哥拉罗安达Futungo de Belas市区重建项目预计耗资1.5亿美元
- DATA DE INÍCIO 01/01/2014 DATA DE FIM 31/12/2014
- RESOLUcAO N°83 FP/15
- 安哥拉国家旅游区项目优质高效完成水塔施工
- Chineses financiam projecto para o Futungo de Belas
- ICBC FINANCIA PARQUE HABITACIONAL EM LUANDA
- PRESIDENTE VISITA PÓLO DE DESENVOLVIMENTO DO FUTUNGO DE BELAS
- 公司安哥拉国家旅游区项目正式启动
- Angolan National Tourist Area Project
- Construção Chinesa do Cidade de Kilamba Kiaxi e a Acção Social da CITIC em Angola 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.
All Grantees
Government of Angola
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
