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China Eximbank pledges $400 million loan for Eastern Corridor Road Project (Linked to Record ID#28056)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Ghana |
| Country | Ghana |
| Start Date | Jan 01, 2010 |
| End Date | May 28, 2026 |
| Duration | 5,991 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 2032 |
Grant Description
China Eximbank pledges $400 million loan for Eastern Corridor Road Project In 2010, China Eximbank agreed in principal to provide a $400 million loan for the Eastern Corridor Road Project in Ghana.
The loan would carry a maturity of 20-years and China State Construction Engineering Corporation was identified as the contractor responsible for implementation.
The Eastern Corridor Road Project, which is also known as Nkwanta-Oti Damango Road Project, would link Northern Ghana to the south through the Volta Region, giving drivers an alternative and shorter route, including links to Burkina Faso, Mali, and Niger. The project stretches from Tema through Asikuma, Hohoe, Jasikan, Bimbilla to Yendi, and Nakpanduri to Kulungugu.
The project involved the construction of a single two-lane carriageway, 3.5 meters per lane with a 2.5 meter hard shoulder on each side, drainage structure, lay-bys in specific towns and villages, bridge upgrades and relocation of utilities.
The project was going to be funded through a $10.4 billion concessional credit package loan that the Government of Ghana signed with China Eximbank on September 22, 2010 (see Record ID#28056). However, this loan was suspended in 2015.
The Government of Ghana subsequently secured loans from the Africa Development Bank and the OPEC Fund for International Development for this project. As of May 2022, the construction was ongoing.
In September 2022, the President Akufo-Addo announced that the construction of a number of roads would be completed in 2023.
Sources & References
- Joint Parliamentary Memorandum on the Proposed Loan for the Eastern Corridor Development Programme (Phase 1), http://www.chinaafricarealstory.com/2010/09/unpacking-china-eximbanks-104-billion.html, http://www.roadtraffic-technology.com/news/news125975.html/, http://www.modernghana.com/news/397596/1/eastern-corridor-roads-project-to-be-completed-on-.html, http://dsd.cnfol.com/1382/100924/8487904,00.php
- China Eximbank Signs US$10.4-Bil. Ghana Infrastructural Development Loan Accord
- Gov’t struggling to complete Eastern Corridor road project
- China’s Relations with West African Countries
- Eastern Corridor Road Projects Progressing Steadily
- Government Is Committed To Completing Eastern Corridor Road 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 Ghana
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