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ICBC and other Chinese banks pledge $657.5 million loan for Conakry Port Extension Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Government of Guinea |
| Country | Guinea |
| Start Date | Jan 01, 2018 |
| End Date | May 27, 2028 |
| Duration | 3,799 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 52260 |
Grant Description
ICBC and other Chinese banks pledge $657.5 million loan for Conakry Port Extension Project On October 25, 2018, ICBC (Industrial and Commercial Bank of China) and 4 other Chinese banks agreed in principle to provide a $657.5 million loan to the Republic of Guinea for the Conakry Port Extension Project.
This loan will reportedly be issued as a subsidiary loan agreement under the $20 billion Resource and Loan Cooperation Framework Agreement that the Chinese Government and the Republic of Guinea signed on September 5, 2017 (see Record ID#65113 and Record ID#64352).
The proceeds of the loan will be used to fund 85% of the cost of a $774 million (nearly €650 million) EPC contract with China Harbour Engineering Co (CHEC).
The purpose of the Conakry Port Extension Project is to construct two multifunctional docks and a mineral dock, with dockyards adjacent to the 41.6-hectare wharf.
The construction of a 4 km long road and an 11-hectare parking area capable of accommodating 600 trucks is also planned, as is the backfilling of a 35.7-hectare quayside platform.
A social and environmental impact assessment has been completed for this project, and the commercial contract with CHEC was signed in October 2016. However, it does not appear that a loan agreement has been finalized.
Staff Comments
- STAFF_NOTE:The Chinese project title is 几内亚科纳克里集装箱码头改扩建项目 or 科纳克里集装箱码头改扩建项目 or 了几内亚科纳克里自治港东区扩建项目.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Sources & References
- le Chinois CHEC remporte un contrat de 770 millions $ pour l'extension du port de Conakry
- DEVELOPMENT OF 88,70 HA IN THE EASTERN SECTION OF THE PORT OF CONAKRY
- 几内亚与中国港湾签署7.74亿美元港口改扩建合同
- 几内亚科纳克里自治港简介
- Doing_Business_In_Guinea_2019_US
- 中工国际签下几内亚大单，合同金额8.53亿美元
- 国机集团签署几内亚科纳克里港东区扩建项目合同
- 中国港湾工程公司与几内亚签署7.7亿美元港口建设合约
- 中国港湾公司承建的几内亚科纳克里集装箱码头改扩建项目竣工典礼
- Potential for positive economic outcomes
- Resource-Backed Loans
- Revisited: Infrastructure for Aluminum in Ghana and Guinea
- 中国公司将为几内亚改扩建科纳克里港 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 Guinea
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