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China Eximbank provides $10.4 billion concessional credit for transportation, sanitation and education projects (Linked to Record ID#2032)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Ghana |
| Country | Ghana |
| Start Date | Sep 22, 2010 |
| End Date | Jul 17, 2027 |
| Duration | 6,142 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 28056 |
Grant Description
China Eximbank provides $10.4 billion concessional credit for transportation, sanitation and education projects On September 22, 2010, China Eximbank and the Government of Ghana signed a $10.4 billion concessional credit package loan for transportation, sanitation, and education project.
The Government of Ghana agreed to use $2.85 billion of loan proceeds for roads and $6 billion of the loan proceeds infrastructure. The loan was reportedly to be paid back over 20-years with the proceeds from oil exports.
In November 2010, the Government of Ghana set aside $6 billion of the loan proceeds for the construction a railroad along the northern border with Burkina Faso.
The project involved the extension Ghana's rail network from the central city of Kumasi through Tamale to the town of Paga on the Burkina Faso border.
The project was expected to be implemented in April 2011 and China National Machinery Import and Export Corporation was identified as the contractor responsible for implementation. However, this loan and project were reportedly suspended in 2015 due to concerns about debt sustainability.
Sources & References
- FACTBOX-Chinese money to fund Ghana's energy, infrastructure
- UPDATE 2-Ghana says signs $13 bln in Chinese loan deals
- China Eximbank Signs US$10.4-Bil. Ghana Infrastructural Development Loan Accord, http://www.chinaafricarealstory.com/2010/09/unpacking-china-eximbanks-104-billion.html, http://www.chinaafricarealstory.com/2010/11/ghanas-new-china-deals-whats-real-story.html, http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=203223
- China to build railway lines in Ghana
- Ghana
- China National sign $6b railroad deal, http://www.bloomberg.com/news/2010-11-28/ghana-china-national-sign-6-billion-railroad-deal-gbc-says.html
- Chinese Infrastructure Investments and African Integration
- Bartering Globalization: China’s Commodity- backed Finance in Africa and Latin America
- Assessing the Chinese Influence in Ghana Angola, and Zimbabwe: The Impact of Politics
- Partners, and Petro
- Ghana 2011
- Rehabilitating the railways: Improved rail links would take strain off the road network
- It Is Highly Likely That The Chinese Government Will Continue To Fund Ghanaian Infrastructure Projects In Exchange For Exports Over The Next Five Years, “RAILWAY SECTOR BEING RESURRECTED” – PRESIDENT AKUFO-ADDO
- Ghana to receive $10.4 billion from China Exim Bank
- Ghana Gets $10.4 Billion Loan From China Exim Bank, http://global.factiva.com/aa/?ref=LBA0000020101026e6aq000vc&pp=1&fcpil=en&napc=S&sa_from=, http://global.factiva.com/aa/?ref=LBA0000020100922e69m000ok&pp=1&fcpil=en&napc=S&sa_from=
- Joint Parliamentary Memorandum on the Proposed Loan for the Eastern Corridor Development Programme (Phase 1)
- China’s Relations with West African Countries 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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