ICBC provides $80 million loan for Social Housing Project in Malanje, Moxico, and Bie provinces

$80M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Government of Angola
Country	Angola
Start Date	Jan 01, 2018
End Date	Sep 02, 2032
Duration	5,358 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`73459`

Grant Description

ICBC provides $80 million loan for Social Housing Project in Malanje, Moxico, and Bie provinces In 2018, the Industrial and Commercial Bank of China (ICBC) and the Government of Angola reportedly signed an $80 million loan agreement for a Social Housing Project.

The proceeds from this loan were used to partially finance a $92.2 million commercial contract between the Government of Angola and Guangxi Hydroelectric Construction Bureau, which was signed in late 2015.

The purpose of this project is to build 500 social housing units in Malanje province, 450 social housing units in Moxico province, and 500 social housing units in Bie province. On March 1, 2017, Guangxi Hydroelectric Construction Bureau started the construction. As of 2018, the project is still under implementation.

📚 Sources & References

Chinese companies to build 4,500 social housing units in Angola
Chinese Loans to Africa Database
为安哥拉人民建造好房子 —广西水电工程局安哥拉公司三省房建项目施工侧记 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.