Active Mixed AidData Chinese Aid

China Eximbank provides $20.492 buyer'c credit loan for Namibe Hotel Construction and Rehabilitation Project

$20.49M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Angola
Country	Angola
Start Date	May 13, 2013
End Date	Jul 08, 2029
Duration	5,900 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`67371`

Grant Description

China Eximbank provides $20.492 buyer'c credit loan for Namibe Hotel Construction and Rehabilitation Project On 13 May 2013, China Eximbank signed a financing agreement providing a $20,492,353.03 buyer's credit loan to the Government of Angola for the Namibe Hotel Construction and Rehabilitation Project.

📋 Loan / Grant Terms

💰 Loan Amountterms are unknown

Presidential Order No. 129/13 was issued on 9 December 2013 formally approving this BCL. It is unclear whether these funds were ever disbursed.

The purpose of this loan was to finance up to 85% of the $24,108,650.62 commercial contract signed between China National Machinery Industry Corporation (Sinomach) and the Angola Tourist Promotion Institute (INFOTUR). It is unclear whether construction ever began.

📋 Staff Comments

Portuguese project title: Construção de um Hotel na Província de NamibeNo sources explicitly state that this is a buyer's credit loan. AidData assumes this is the case for the following reasons: (1) The loan is provided to a foreign borrower, (2) the loan is denominated in USD, (3) the financing amount covers 85% of the commercial contract which is typically observed of buyer's credit loans. However, it should be noted that SAIS-CARI's Chinese Loans to Africa Database characterizes this as just a loan.This Namibe hotel project is separate from project #67370, which captures a China Eximbank $20.492 million buyer's credit loan for Huila Hotel Construction and Rehabilitation Project. All of the financing and implementation details are the same, but multiple official sources clearly differentiate between the two.

📚 Sources & References

Resolucao No. 41/FP/2014. Processos No.s 31, 32, 33, 34 e 35/PV/2014
Chinese Loans to Africa Database
Despacho Presidencial no. 138/13
DR n.º 236 - 09.12.2013
RESOLUÇÃO N2041/FP/2014 Processos n.°` 031, 032, 033, 034 e 035/PV/2014, 1 á CÂMARA RESOLUÇÃO N2 075/PV/2014 Processos nfs 300 a 304/PV/2014 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 Grant