China Eximbank provides $84 million loan for Phase 1 (Obouya-Boundji-Okoyo Section) of Obouya-Gabon Border Road (RN3) Construction Project (Linked to Record ID#68956 and #60219)

China Eximbank provides $84 million loan for Phase 1 (Obouya-Boundji-Okoyo Section) of Obouya-Gabon Border Road (RN3) Construction Project On June 19, 2006, China Eximbank and the Republic of Congo signed a $1.6 billion loan framework agreement — also known in the Republic of Congo as the “strategic partnership” (“partenariat stratégique”) — that allowed the Republic of Congo to obtain China Eximbank loans for infrastructure projects through a securitization mechanism: Société Nationales des Pétroles Congolais (SNPC)—the country’s state-owned oil company — agreed to deposit a portion of the cash proceeds from its oil exports into an escrow account that is controlled by China Eximbank.

This framework agreement (captured in Record ID#60219) was ratified on October 26, 2006.

One of the subsidiary loans that was approved through the framework agreement included a loan in 2007 for Phase 1 (Obouya-Boundji-Okoyo Section) of the Obouya-Gabon Border Road (RN3) Construction Project.

As of 2014, USD 84 million had been disbursed. Its (principal) amount outstanding was unknown as of December 31, 2019. The Obouya-Gabon Border Road (RN3) Construction Project supported the development of a 207 km road corridor.

The road connects National Route 2 (RN2) with the Gabon border, and its construction included small bridges, drainage infrastructure, schools, and medical centers for major villages along the road, and a gas station at 100km intervals. This project was implemented in two phases and supported by two different China Eximbank loans.

Phase 1 (captured via Record ID#14829) supported the construction of 116.575 km segment of the border road from Obouya to Okoyo via Boundji. A formal project commencement ceremony took place on February 25, 2008. However, a project start order was not issued until June 15, 2008. The project achieved temporary acceptance on November 2, 2011.

On the very next day (November 3, 2011), a project completion (inauguration) ceremony took place.

However, the contractor responsible for implementation later reported that Phase 1 was not completed until October 23, 2013.

Phase 2 (captured via Record ID#68956) involved the construction of a 90 km segment of the border road from Okoyo to the country’s border with Gabon via Lékéty.

A foundation laying ceremony for Phase 2 took place on November 3, 2011 and this road segment opened to traffic on December 14, 2015. China Machinery Engineering Corporation (CMEC) was the contractor responsible for the implementation of both phases.