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China Eximbank provides $119.7 million preferential buyer's credit for National Road No. 58 (NR 58) Renovation Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Cambodia |
| Country | Cambodia |
| Start Date | Dec 03, 2014 |
| End Date | Oct 12, 2027 |
| Duration | 4,696 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 35570 |
Grant Description
China Eximbank provides $119.7 million preferential buyer's credit for National Road No. 58 (NR 58) Renovation Project On December 3, 2014, China Eximbank and the Government of Cambodia signed a $119,751,775 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC NO.2014 (38) TOTAL NO. (332)] for the National Road No. 58 (NR 58) Renovation Project.
The proceeds of the PBC were to be used by the borrower to partially finance an EPC (commercial) contract with Shanghai Construction Group (SCG). The total project cost was $122 million USD.
The purpose of the project was to renovate a 174.16 km road (National Road No. 58 or NR 58) that connects the Banteay Meanchey province and the Otdar Meanchey province.
More specifically, the road connects the Plong intersection in Pa-ong village, Kaunkriel commune, Samrong town of Uddar Meanchey to the National Road 5 in Phsar Kandal village, Poipet town of Banteay Meanchey. SCG was the EPC contractor responsible for implementation.
Zhejiang Dacheng — a subsidiary of Zhejiang Construction Investment Group — was also involved in project implementation as a subcontractor. Guangzhou Wanna Construction Supervision Co., Ltd. was responsible for project supervision.
A project commencement ceremony took place on March 18, 2015 and the road was officially opened to traffic on February 26, 2020.
Staff Comments
- This project is also known as the National Road No. 58 (NR 58) Project. The Chinese project title is 58号公路 or 浙江大成柬埔寨国家58号公路项目.
- The Government of Cambodia’s aid and debt information management system, which is maintained on behalf of all ministries and agencies of the Royal Government of Cambodia by the Cambodian Rehabilitation and Development Board (CRDB) of the Council for the Development of Cambodia (CDC), identifies the amortization period of the loan that supported this project as 20-years; however, this appears to be a typographical error.
Sources & References
- China-funded road work begins in northwest Cambodia
- Project Summary Reports: Project of National Road No. 58
- 驻柬埔寨大使布建国出席柬埔寨58号公路项目开工仪式
- Overview on Transport Infrastructure Sectors in the Kingdom of Cambodia (5th Edition)
- 柬首相洪森出席我优买项目开工仪式
- Project/Program Information and Implementation Arrangements
- 浙江大成柬埔寨国家58号公路项目正式开工
- 驻柬埔寨大使王文天出席58号公路通车仪式
- 驻柬埔寨大使王文天出席58号公路通车仪式
- 驻柬埔寨大使王文天同洪森首相共同出席58号公路通车仪式
- 中企承建柬埔寨58号公路通车
- 一带一路合作项目顺利推进 “中方用行动为我们注入了信心”
- NR 58 Banteay Meanchey - Otdar Meanchey Road (Construction)
- Renovation on NR58 complete, scheduled to open by late February
- PM Hun Sen Presides Over Groundbreaking Ceremony for Construction of NR58
- Construction of National Road No. 58 Begins
- China Overseas Development Finance
- Construction of National Road No. 58 Project Project/Program Information and Implementation Arrangements
- Cambodia inaugurates China-funded national road 58 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.
All Grantees
Government of Cambodia
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