Completed Development AidData Chinese Aid

China Eximbank provides $54.8 million loan for 264 Mpila Social Housing Units Construction Project (Linked to Record ID#60219)

$54.8M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Republic of Congo
Country	Congo
Start Date	Mar 30, 2013
End Date	Apr 27, 2030
Duration	6,237 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`31029`

Grant Description

China Eximbank provides $54.8 million loan for 264 Mpila Social Housing Units 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 was a $54,800,000 loan in 2013 for the 264 Mpila Social Housing Units Construction Project. As of 2014, USD 45 million had been disbursed.

📋 Loan / Grant Terms

💰 Loan Amountcarried a 13-year maturity and a 0

📅 Maturity13 years

💹 Interest Rate0.25%

Its estimated grace period was 4-years.

The proceeds of the loan were to be used by the borrower to finance 85% of the cost of a $64.47 million commercial contract with Weihai International Economic & Technical Cooperative Co., Ltd (WIETC). The loan’s (principal) amount outstanding was $45,587,625 as of December 31, 2019. WIETC was the contractor responsible for implementation.

This project was initiated in August 2013 and completed in August 2016.

📋 Staff Comments

The French project title is Construction 264 Logements sociaux. The Chinese project title is 姆皮拉住房项目.
The China Eximbank loan that supported this project is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. Nor is it included in the the Chinese Overseas Development Finance Dataset published by Boston University’s Global Development Policy Center in December 2020.
According to a 2019 report published by the Republic of Congo’s National Assembly, all loans approved under the June 19, 2006 framework agreement had grace periods between 3 and 5-years. Therefore, since the grace period of the China Eximbank loan for the 264 Mpila Social Housing Units Construction Project is missing, AidData imputes a value (4-years) at the middle of the distribution of this range as an approximation.
This project is separate from the RMB 310 million China Eximbank loan for the Mpila Social Housing Construction Project (captured via Project ID#68909).

📚 Sources & References

Congo-Brazzaville: Leaders of China
Republic of Congo Discuss Cooperation
Yin and Yang of China's development partnership with Africa
African Union for Housing Finance Conference: Financing Social Housing In Africa
China Eximbank
EXIMBANK-CHINA
Mpila Residential Community, ÉTAT DES LIEUX DE LA DETTE PUBLIQUE EN LA RÉPUBLIQUE DU CONGO
姆皮拉住房项目
Loi no.13-2015 du 24 Septembre 2015
Current-Status-Opportunities-and-a-Way-Forward-for-Affordable-Housing
EXIMBANK-CHINE
ETAT DES LIEUX DE LA DETTE PUBLIQUE EN REPUBLIQUE DU CONGO
N°23 RAPPORT SUR L'ACCORD COMPLEMENTAIRE SUR LA RESTRUCTURATION DE LA DETTE ENVERS LA CHINE (1) N°23
Congo-Brazzaville: Logements sociaux - Une partie de la cité de Mpila envahie par des herbes, drame du 4 mars 280 milliards fcfa pour finaliser la construction du site de mpila
Bargaining with Beijing: A Tale of Two Borrowers
China's Overseas Development Finance
China's Xi wraps up Africa tour in Republic of Congo
Initiative pour la Transparence dans les Industries Extractives 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.