Completed Mixed AidData Chinese Aid

China Eximbank provides $380 million preferential buyer’s credit for 4,800 Social Housing Units Project

$380M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Equatorial Guinea
Country	Equatorial Guinea
Start Date	Mar 13, 2009
End Date	May 27, 2026
Duration	6,284 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`35640`

Grant Description

China Eximbank provides $380 million preferential buyer’s credit for 4,800 Social Housing Units Project On March 13, 2009, China Eximbank and the Government of Equatorial Guinea signed a $380,000,000 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC NO. (2009) 4 TOTAL NO. (66)] for the 4,800 Social Housing Units Project.

📋 Loan / Grant Terms

📅 Maturity17 years

⏳ Grace Period2 years

💹 Interest Rate2%

The proceeds of the loan were used to partially finance a $517 million commercial contract with Dalian International Economic and Technical Cooperation Group.

CMEC Comtrans International Co., Ltd. appears to have also been involved in implementation (most likely as a subcontractor). This project involved the construction of between 4700 and 4800 affordable housing units in Malabo, Bata, and Rebola.

Construction began in September 2010 and the project was fully completed and handed over to the local authorities in December 2014.

According to Caja Autónoma de Amortización de la Deuda Pública within Equatorial Guinea’s Ministry of Finance and Budget, the China Eximbank buyer’s credit loan for the project had disbursed $380,000,000 as of December 31, 2019 and the borrower had made principal ($126,666,666.70) and interest ($39,383,399.14) payments worth $166,050,065.84 as of December 31, 2019.

The loan's principal amount outstanding was $253,333,333.30 as of December 31, 2019.

📋 Staff Comments

This project is also known as the Social Housing Construction Project. The Chinese project title is 赤道几内亚700套社会住宅建设项目 or 赤道几内亚4800套社会住宅. The Spanish project title is 4800 Viviendas Sociales or Viviendas Sociales de Malabo or El Proyecto de Construccion de un Barrio Residencial de 4800 Viviendas Sociales en Malabo.
This loan is included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. However, SAIS-CARI does not record the borrowing terms of the loan. AidData records the borrowing terms that are reported by the IMF in its 2010 Article IV Consultation Staff Report for Equatorial Guinea.
The face value of the loan is drawn from ‘Cuadro General de la deuda al 31/12/2019’ from the Caja Autónoma de Amortización de la Deuda Pública within Equatorial Guinea’s Ministry of Finance and Budget.
The borrower made debt service payments to the lender from an escrow account (ID#1360000100000456590). See https://www.dropbox.com/scl/fi/pk6rsp7qlg3uigv79jk4t/ordenes_de_pago_2020.pdf?rlkey=woy2yflgemcgvglz4392qg3qm&dl=0

📚 Sources & References

Equatorial Guinea- 2011
Obiang loves China
China-Africa Trade and Economic Relationship Annual Report 2010
驻在国相关情况
赤几政府官网刊载对我处苏建国参赞采访, 《中国与非洲的经贸合作》: 三、重视基础设施建设
Republic of Equatorial Guinea : 2010 Article IV Consultation
赤道几内亚700套社会住宅建设项目
赤道几内亚700套社会住宅建设项目
DESARROLLO DE COOPERACIÓN ECONÓMICA Y COMERCIAL ENTRE CHINA Y GUINEA ECUATORIAL
赤几巴塔宾馆项目
赤道几内亚社会住宅建设案例
HEILONGJIANG RUICHI JIANSHE JITUAN
赤道几内亚社会住宅建设案例：热带雨林中的民生工程
赤道几内亚4800套社会住宅, 4800 Social Housing Units
Equatorial Guinea
Obama Asue continúa con la inspección de las viviendas sociales de Malabo
Obra: Control y supervisión de las obras de urbanización de las 4.800 viviendas sociales de Malabo por China Dalian
Republic of Equatorial Guinea: 2010 Article IV Consultation
List of Chinese loans published of Equatorial Guinea Ministry of Finance Website in 2021, deuda externa e interna
Orden de Pago 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.