Completed Mixed AidData Chinese Aid

China Eximbank provides $793.3 million preferential buyer's credit for Abidjan Autonomous Port Expansion and Modernization Project

$793.4K USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Côte d'Ivoire (Ivory Coast)
Country	Cote d'Ivoire
Start Date	Dec 06, 2014
End Date	Jan 04, 2026
Duration	4,047 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`30857`

Grant Description

China Eximbank provides $793.3 million preferential buyer's credit for Abidjan Autonomous Port Expansion and Modernization Project On December 6, 2014, China Eximbank and the Government of Cote d'Ivoire signed a $793,390,000 (CFA 423,630,219,153.44) preferential buyer's credit (PBC) agreement [CHINA EXIMBANK PBC NO. (2014) 43 TOTAL NO. (337)] for the Abidjan Autonomous Port Expansion and Modernization Project.

The proceeds of the loan were then on-lent to the Abidjan Autonomous Port Authority (PAA).

📋 Loan / Grant Terms

📅 Maturity20 years

⏳ Grace Period7 years

💹 Interest Rate2%

The borrower was also required to maintain a minimum cash balance of CFA 3 billion in an escrow account (accessible to the lender).

The proceeds of the PBC were used to be used by the borrower to finance 85% of the cost of a $933.4 million EPC contract between Abidjan Autonomous Port Authority (PAA) and China Harbour Engineering Co., Ltd. (CHEC), which was signed on January 11, 2013.

The Government of Cote d'Ivoire was responsible for financing the remaining 15% of the commercial contract cost ($140,010,000).

African Export-Import Bank (Afreximbank) also arranged an EUR 250 million syndicated bridge loan facility in 2014 for this project.

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), China Eximbank made 15 loan disbursements (worth CFA 459,375,056,353) between 2015 and 2020: a CFA 71,405,100,000 disbursement on September 30, 2015, a CFA 48,843,381,789 disbursement on April 30, 2016, a CFA 5,293,017,891 disbursement on June 30, 2016, a CFA 8,388,694,167 disbursement on October 31, 2016, a CFA 3,281,002,542 disbursement on November 30, 2016, a CFA 50,318,912,478 disbursement on December 31, 2016, a CFA 60,326,378,065 disbursement on December 31, 2017, a CFA 75,857,838,185 disbursement on October 31, 2018, a CFA 24,960,426,152 disbursement on May 31, 2019, a CFA 6,247,765,605 disbursement on September 30, 2019, a CFA 17,886,499,596 disbursement on October 31, 2019, a CFA 12,392,163,528 disbursement on December 31, 2019, a CFA 7,423,281,737 disbursement on March 31, 2020, a CFA 5,517,839,600 disbursement on April 30, 2020, and a CFA 61,232,755,018 disbursement on June 30, 2020.

The project involved the enlargement of the Vridi canal (a link from Abidjan to the Atlantic Ocean), the construction of a second container terminal, and a roll-on/roll-off terminal. It was expected to start in the first quarter of 2015 and reach completion by 2021. CHEC was the EPC contractor responsible for implementation.

A groundbreaking ceremony took place on October 6, 2015. The roll-on/roll-off terminal was finished at some point in 2018.

On February 21, 2019, the enlargement of Vridi Canal was officially completed and handed over to the Government of Cote d'Ivoire.

The project as a whole was officially completed on April 23, 2020, and a certificate of final acceptance was issued by the project owner in July 2021. However, the construction of the second container terminal was not completed until November 15, 2022.

The modern container terminal, roll-on/roll-off terminal, jetties, and approach channels that were expanded and improved with financing from China Eximbank have reportedly increased the cargo handling capacity and efficiency of the port. This project suffered from major cash flow problems.

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), PAA had payment arrears to CHEC worth CFA 186 billion (China Eximbank share: CFA 165 billion; PAA share: CFA 21 billion) as of November 14, 2017.

The AMP also notes that, as of November 14, 2017, the project was generating large financial outflows but it was not expected to generate revenue until 2020.

To increase PAA’s revenue-generation capacity, the Ivorian authorities considered putting in place a special tax and customs regime (in accordance with Articles 4 and 43 of the PAA statutes) from 2020 to 2035. It is unclear if they ultimately did so.

The Government of Cote d'Ivoire and PAA also secured an EUR 10,641,840 agreement with Matha Capital, JP Morgan, Société Générale Paris, and Ecobank to hedge its foreign exchange (USD/CFA) risk on its outstanding debt to China Eximbank for the Abidjan Autonomous Port Expansion and Modernization Project.

📋 Staff Comments

This project is also known as the Abidjan Port Expansion Project. The Chinese project title is 阿比让港口改扩建等项目 or 阿比让港口改扩建工程 or 署阿比让自治港扩建项目 or 科特迪瓦阿比让港口扩建项目. The French project title is Projet d’extension et de modernisation du Port Autonome d'Abidjan (Élargissement et approfondissement de la passe d'entrée du canal de Vridi) or Projet de modernisation et d’extension du Port d’Abidjan.
In the database of Chinese loan commitments that it released in July 2020, SAIS-CARI does not report the borrowing terms of the China Eximbank loan that supported this project. AidData relies on the borrowing terms (20-year maturity, 7-year grace period, and 2% interest rate) that were reported by the Minister to the Ivorian Prime Minister in charge of the Economy and Finance in December 2014.
Following the signing of a contract with China Harbour Engineering Company (CHEC) in August 2020, construction works officially began for the Côte d’Ivoire Terminal (CIT), Abidjan’s second container terminal, which was expected to be operational at the end of 2021. Located adjacent to the existing Abidjan Terminal and operated by a joint venture between Bolloré Ports and APM Terminals, the new facility seeks to enhance the competitiveness of the port in the Ivorian capital with the addition of 1.2 million TEU in annual throughput capacity in its first phase of development, which was expected to be finalized by the end of 2021. A groundbreaking ceremony for the new facility took place on October 5, 2020.
The system identification number for this project in the Government of Côte d'Ivoire’s Aid Management Platform (AMP) is 112007131041. The AMP project code is 776960201.
The source of the disbursement information that is provided in the project description is the AMP. An additional/alternative source of information on disbursement amounts and dates is a September 21, 2015 letter from China Eximbank’s Concessional Loan Department to the Mme. Niale Kaba, the Ivorian Minister to the Prime Minister for Economy and Finance (accessible via https://www.dropbox.com/s/ze7fni7npn60eym/Disbursement%20Data%20for%204%20China%20Eximbank%20loans%20to%20Ivory%20Coast.pdf?dl=0).

📚 Sources & References

China extends USD10-bil. loan to support political reconciliation in Côte d'Ivoire
Chine : dix milliards de dollars pour la Côte d'Ivoire
THE PRELIMINARY WORK OF ABIDJAN PORT EXPANSION PROJECT
COTE D'IVOIRE STARTED
EPC contract for Abidjan port extension is signed by CHEC
Côte d'Ivoire: Abidjan port aims for regional supremacy
Côte d’Ivoire: $ 875 million Loan from China Eximbank for the extension the port of Abidjan
Ivory Coast gets $875 mln loan from China Eximbank for port construction
China joins funding for port expansion project in Cote d’Ivoire
Ivory Coast gets $875 mln loan from China Eximbank for port construction
Ivory Coast Gets $875m From China’s Eximbank For Port Construction
China loans Ivory Coast $875M for port construction
China loans Ivory Coast $875m for port construction
Ivory Coast gets $875 mln loan from China Eximbank for port construction
February 2018 Export from the Government of Ivory Coast's Aid Management Platform
科特迪瓦阿比让港口改扩建项目VRIDI运河拓宽加深工程竣工交付
阿比让自治港扩建项目举行奠基仪式
中国对非洲“两优贷款”十大项目
驻科特迪瓦大使唐卫斌在科官方报纸发表署名文章
驻科特迪瓦大使唐卫斌会见中国港湾西非区域副总经理
Afreximbank facility to Abidjan Port wins top honour
Ivory Coast gets $875 mln loan from China Eximbank for port construction
Ivory Coast begins construction of Abidjan port upgrades
China Eximbank loans Ivory Coast US$875 million for construction of a container terminal at Abidjan port
中国进出口银行与科特迪瓦财政部签署阿比让自治港扩建项目贷款协议, 2018 Government of Cote d'Ivoire Bond Prospectus
Government Concessional Loan & Preferential Buyer’s Credit Brochure
MOT DE S.E.M. DANIEL KABLAN DUNCAN,PREMIER MINISTRE
MINISTRE DE L’ECONOMIE
DES FINANCES ET DU BUDGET A L’OCCASION DE LA CEREMONIE DE LA SIGNATURE DE CONVENTIONS ENTRE L’ETAT DE COTE D’IVOIRE ET LA CHINE POUR LA REHABILITATION DU RESEAU ELECTRIQUE DE COTE D’IVOIRE Version 4
唐卫斌大使会见中港湾阿比让港口扩建项目部副总经理
唐卫斌大使前往阿比让港口扩建项目现场视察
唐卫斌大使出席阿比让港口扩建项目开工仪式
驻科特迪瓦大使唐卫斌会见中国港湾公司唐桥梁总经理一行
唐卫斌大使考察阿比让港口改扩建工程
唐卫斌大使出席阿比让港口扩建项目贷款协议签字仪式
唐卫斌大使会见中港湾阿比让港口扩建项目部副总经理
唐卫斌大使出席阿比让港口扩建项目开工仪式
科特迪瓦总统瓦塔拉会见中国交建代表团一行
科特迪瓦将加快港口建设步伐
中国进出口银行与科特迪瓦财政部签署阿比让自治港扩建项目贷款协议
Côte d'Ivoire : début des travaux de modernisation du port d'Abidjan
中国港湾参建的科特迪瓦阿比让港口扩建工程项目竣工
Abidjan Port Expansion Project in Cote D'Ivoire was successfully completed
The Company signs an EPC business contract for the expansion project of the port of Abidjan in Cote D'Ivoire
The Abidjan Port Expansion Project Loan Agreement was Successfully Signed
The Abidjan Port Expansion Project
Celebration No. 100!
Port d'Abidjan: Vers de Nouveaux Horizons
Infrastructure Financing Trends in Africa - 2014
Chinese Loans to Africa Database
IMF Country Report No.15/147 - Cote d'Ivoire
Government of Cote d'Ivoire 2015 Bond Prospectus
Debt situation of public enterprises as of December 31, 2019
Expansion of Abidjan Port in Cote d’Ivoire Financed by China Eximbank Successfully Completed
Journal Officiel N° 19 du Jeudi 5 mars 2015
CÃ´te d’Ivoire approves €400m project to create West African port hub
Construction begins for the new Côte d'Ivoire Container Terminal
Projet d’extension et de modernisation du Port Autonome d'Abidjan (Élargissement et approfondissement de la passe d'entrée du canal de V ridi)
Disbursement Details Under The Chinese Government Concessional Loan and Preferential Buyer Credit
Ivory Coast completes second shipping container terminal
万黎大使、鲁军参赞出席阿比让港第二集装箱码头启用仪式
中企承建的科特迪瓦阿比让港第二集装箱码头开港
科特迪瓦最大集装箱码头投产运营
Ivory Coast completes China-financed container terminal 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 Côte d'Ivoire (Ivory Coast)

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