China Eximbank provides buyer's credit for construction of 28 schools by Sinomach (Linked to Record ID#42029 and #34030)

China Eximbank provides buyer's credit for construction of 28 schools by Sinomach On March 9, 2005, China National Machinery Industry Corporation signed a commercial contract with Angola's Ministry of Education to construct 36 schools, which includes 13 institutes of technology, 7 administrative institutes, 15 secondary schools, and rehabilitate 1 agricultural institute.

Following further negotiations, the number of schools was decreased to 28, and the project will be carried out in 3 phases. Sinomach report the contract cost as 240 million RMB.

The first phase included the construction of 10 schools and the rehabilitation of 1 agricultural institute in the provinces of Luanda, Malanje and Benguela. Of the 10 schools, 6 are institutes of technology, 4 are secondary schools.

The first phase also included the supply of equipment and furniture to the schools, including sports facilities to the schools' gyms.

The groundbreaking ceremony for the first stage was reported to be held on April 17, 2006, and various handover ceremonies were held between June 8 2007 to June 18 2007. Contract cost of the first phase was reported to be 93.84 million USD.

The second phase, which was signed on July 28, 2006, included the construction of 4 institutes of technology, 6 secondary schools, and 5 administrative institutes. The second phase started on July 30, 2007 and will reported take 13 months to complete.

Sinomach reported that a contract signed with Angola's Ministry of Education and Ministry of Health for 15 schools and 15 hospitals was reportedly worth 350 million USD, and that part of the contract worth 82 million USD was started in 2006 and completed at the beginning of 2008. It is unclear if a third phase was ever carried out.

The construction of these schools were funded by the 2 billion USD Master Loan Facility Agreement signed by China Eximbank (#42029), and possibly the $500 million Master Loan Facility Agreement the Government of Angola entered into with China Eximbank in 2007 (#34030).

The schools that were likely included in the first phase of the construction are as follow: 1) Record ID#34775, a $16.1 million loan to Angola for construction and equipping of three secondary schools in Luanda, one in Benguela 2) Record ID#34776, a $53,044,838 loan for four technical schools in Luanda and two technical schools in Benguela 3) Record ID#34774, a $15.2 million loan to Angola for rehabilitation of Malange Agricultural School The schools that were likely included in the second phase of the construction are as follow: Record ID#34881, a $83.909 million loan for the construction and equipping of technical institutes, administrative institutes, and secondary schools in Luanda, Bengo, Cabinda, Namibe, and Zaire