Completed Development AidData Chinese Aid

China Eximbank provides RMB 500 million government concessional loan for Simon Bolivar Highway Extension Project

¥500K RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Ecuador
Country	Ecuador
Start Date	Feb 02, 2013
End Date	May 22, 2029
Duration	5,953 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`35977`

Grant Description

China Eximbank provides RMB 500 million government concessional loan for Simon Bolivar Highway Extension Project On February 2, 2013, China Eximbank and the Government of Ecuador signed a RMB 500 million ($77,380,000) government concessional loan (GCL) agreement [CHINA EXIMBANK GCL NO. (2013) 13 TOTAL NO. (458) No. 1420203052013110101] for the Simon Bolivar Highway Project.

📋 Loan / Grant Terms

⏳ Grace Period5 years

💹 Interest Rate2%

The borrower was expected to used the proceeds of the loan to finance a $78,998,000 commercial contract [REI-EPMMOP-PSB-001-2012] between Empresa Pública Metropolitana de Movilidad y Obras Públicas (EPMMOP) — a state-owned mobility and public works company in Ecuador — and Sinohydro Corporation Limited, which was signed on November 9, 2012.

The loan’s (principal) outstanding amount was $56,633,099.07 as of December 31, 2021 and $46,341,422.03 as of November 30, 2022.

The purpose of this 12 km Simon Bolivar Highway Project was to connect the capital city of Quito with the newly-opened Mariscal Sucre International Airport. Sinohydro Corporation Limited was the contractor responsible for project implementation. Its work was overseen by EPMMOP, which is a state-owned mobility and public works company in Ecuador.

Project implementation commenced on May 6, 2013. The highway was opened to traffic on June 15, 2018.

The originally expected project commencement and completion dates were December 24, 2013 and April 24, 2016, respectively.

📋 Staff Comments

This project is also known as the Prolongation of the Simon Bolivar Avenue Project. The Chinese project title is 厄瓜多尔西蒙玻利瓦尔大道延长线项目.
The China Eximbank loan contract can be accessed in its entirety via https://www.documentcloud.org/documents/20488191-ecu_2013_442_1_of_2 and https://www.documentcloud.org/documents/20488191-ecu_2013_442_2_of_2 and https://www.dropbox.com/scl/fi/qikj0wrnzsl0fjjnrftqh/Anexo-2-Cr-dito-de-US-80-millones-otorgado-por-el-Eximbank.pdf?rlkey=44e38dmy1y0avqtz0nnkmv1gi&dl=03. The commercial contract between EPMMOP and Sinohydro Corporation Limited can be accessed in its entirety via https://www.dropbox.com/s/jv4hp8e7s80il7x/2.%20CONTRATO%20PRINCIPAL.pdfdl=0.
The Ecuadorian Ministry of Finance loan identification number is 23170000.
A subsidiary loan agreement (date June 27, 2013) between Ecuador's Ministry of Finance and the Municipality of the Metropolitan District of Quito can be accessed in its entirety via https://www.dropbox.com/scl/fi/rbd7aze5r7e097l032f6f/Anexo-1-CONVENIO-SUBSIDIARIO-Municipio-de-Quito-y-MEF.pdf?rlkey=ojahmwt363ch166jcda3etuam&dl=0. The second paragraph of Article 133 obligates the Municipality of the Metropolitan District of Quito to assume responsibility for 50% of the debt service payments that arise from the loan.

📚 Sources & References

Acta Entrega Recepcion Provisional Total del Contrato No. 2012-2013 de Obra Correspondiente al Proceso de Contratacion No. REI-EPMMOP-PSB-001-2012
Anexo 11 Examen Especial de Ingeniería sobre ejecución y fiscalización del proyecto
Anexo 12 Contrato inicial construcción US$71,14 millones y 4 contratos complementarios
Anexo 2 Crédito de US$80 millones otorgado por el Eximbank
Anexo 3 ACUERDO 053 MEF Delegación para firma del contrato
Anexo 4 Oficio MF-SFP-2011-0740 MEF solicita que US$80 millones sean para el proyecto
Anexo 5 OFICIO MF-SFP-2013-108-098 convocatoria a reunión Comité Deuda
Anexo 6 OFICIO 10817 PGE arbitraje bajo ley inglesa
Anexo 7 Oficio SENPLADES-SGPBV-2013-0049-0F
Anexo 9 Acta Resolutiva de aprobación del préstamo por US$80 millones
Base-de-Datos-Boletin-de-Deuda-Noviembre-2022
Building Development for a New Era: China’s Infrastructure Projects in Latin America and the Caribbean
China, the Politic and Economic Strategic Partner of Ecuador in the Era of the Socialism of the Twenty - first Century
China-Latin America Finance Database
Contratacion International de Obras REI-EPMMOP-PSB-001-2012
Contratacion International de Obras REI-EPMMOP-PSB-001-2012
Contratos de crédito externos e internos_junio 2016
Cuaderno-Estadístico-Agosto-2022
Cuaderno-Estadístico-Boletín
Ecuador obtiene un credito chino de 80 USD para ampliar la Av. Simon Bolivar, en Quito
Ecuador y China suscriben convenios sobre cooperación, comercio y seguridad; ECUADOR CHINA
Ecuador
Export-Import Bank of China Sign $80 Million Loan
Ecuadorian airport channel investment agreement is signed by CCCC
Estadísticas Deuda Pública
Finanzas Ecuador Twitter
Government Concessional Loan Agreement on Prolongation of the Simon Bolivar Avenue Project
Government Concessional Loan Agreement On Prolongation of the Simon Bolivar Avenue Project
Hogan Lovells Advises PDVSA on US$1 Billion Financing Deal with Russian Bank
MEMORANDO MF-CGJ-2014-Anexo 10 Primer informe Dirección de Auditoría de Proyectos de la Contraloría
MEMORANDO No. MF-CGJ-2013
On Lending Agreement
Prolongación de la Av. Simón Bolívar estará lista en 2016
Prolongación de la Simón Bolívar, 12 km a US$140 millones
Propuesta de Resolucion Reforma al PAC 2013 'Servicios de Topografia para la Prolongacion de la Av. Simon Bolivar', 'Contratacion de bacheo con mezcla asfaltica en caliente' y 'Renovacion de 3 licencias Transcad for the Web'
Proyecto Simón Bolívar Línea de Tiempo
中国提供优惠贷款实施的瓜多尔西蒙•玻利瓦尔公路扩建项目举行开工仪式
厄瓜多尔西蒙玻利瓦尔大道延长线项目全线开通
王玉林大使出席中国路桥公司投资建设基多进城通道项目签约仪式 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.