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ICBC provides $314 million loan for 101 km Eastern Corridor Extension Project and the 51 km Continental Region Coastal Highway Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Government of Equatorial Guinea |
| Country | Equatorial Guinea |
| Start Date | Jan 01, 2018 |
| End Date | Jan 29, 2026 |
| Duration | 2,950 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 107612 |
Grant Description
ICBC provides $314 million loan for 101 km Eastern Corridor Extension Project and the 51 km Continental Region Coastal Highway Project On April 28, 2015 the Industrial and Commercial Bank of China (ICBC) signed an infrastructure cooperation framework agreement with Equatorial Guinea's Ministry of Finance and Budget in Beijing (as captured via Record ID#52165).
Then, in January 2018, ICBC and the Equatorial Guinea’s Ministry of Finance and Budget signed a $314,092,567 loan agreement for the 101 km Eastern Corridor Extension Project and the 51 km Continental Region Coastal Highway Project.
However, it is known that the loan was backed by a Sinosure credit insurance policy.
It is also known that the borrower was expected to use the proceeds of the loan to partially finance two commercial contracts: (1) a $162,187,507 commercial contract between China Road and Bridge Corporation (CRBC), Equatorial Guinea’s Ministry of Public Works and Infrastructure, Ge-Projects and Equatorial Guinea’s Ministry of Finance and Budget for the 101 km Eastern Corridor Extension Project, which was signed in July 2017; and (2) a $391,818,522 commercial contract between China Road and Bridge Corporation (CRBC), Equatorial Guinea’s Ministry of Public Works and Infrastructure, Ge-Projects and Equatorial Guinea’s Ministry of Finance and Budget for the 51 km Continental Region Coastal Highway Project, which was signed in July 2017.
The purpose of the 101 km Eastern Corridor Extension Project is to construct a 101 km road from Akam to Mofub via Oboroncu and Nsork in the interior of the country’s Continental Region.
The purpose of the 51 km Continental Region Coastal Highway Project is to construct a 51 km road that runs from the Bata district to Bolondo in Mbini district via the towns of Viadibe, Utonde, and Bome. CRBC is the EPC contractor responsible for the implementation of both projects. In August 2017, a feasibility study report and environmental impact assessment (EIA) study report were submitted.
The lender responded with a letter of approval.
Staff Comments
1. The Spanish project title is Proyecto de Extensión del Corredor Este y el Proyecto de Autopista Costera or El Proyecto de Autovía Costera.
Sources & References
- NOTA: Al Excmo. Sr. VICE MINISTRO DE HACIENDA ECONOMIA Y PLANIFICACION SOBRE LA V COMISION MIXTA A CELEBRARSE EN CHINA.
- INFORME DE LA MISION DE LA DELEGACION DEL MINISTERIO DE HACIENDA
- ECONOMÍA Y PLANIFICACION A BEIJING (REPÚBLICA POPULAR DE CHINA) DEL 22 AL 28 DE JUNIO DEL PRESENTE 2.019
- Proyecto de Extensión del Corredor Este y el Proyecto de Autopista Costera, [Email correspondence with subject 'Proyectos Línea de Crédito Chino - LCC' dated January 25, 2018 from Inversiones MEPIP to Victor Sima Sima Asong] 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 Equatorial Guinea
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