China Eximbank provides RMB 215 million government concessional loan for National Fiber Optic Backbone Transmission Network Project

📋 Staff Comments

1. This project is also known as the Inter-Island Fiber Optic Network and National Backbone Project, the Huawei Submarine Cable Project, and the Auxiliary Submarine Cable Project. The Chinese project title is 援科摩罗电信国家光纤骨干传输网络项目 or 华为公司海底光缆项目 or 司海底光缆项目 or 我援科海底光缆优惠贷款项目 or 海底光缆优惠贷款项目. The French project title is Projet Cable Optique or Le Projet Eassy de câble marin à fibre optique.
2. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, this loan is identified as carrying a 30-year maturity length. However, AidData records a maturity length of 25-years based on a detailed description of the terms and conditions of the loan that is included in a 2011 Debt Management Performance Assessment (published by the World Bank).
3. On July 27, 2013, a presidential decree was issued, which created a special purpose vehicle called Comores Câbles and tasked it with financing, holding, rolling out, renting, and operating telecommunication networks on the Comoros territory. Comores Câbles was to supposed to take over all of Comores Télécom’s fiber optic cable assets (including the FLY-LION3 cable assets) and all of the corresponding responsibilities related to the landing for inter-island cable stations (maintenance, operation, safety, etc.). On November 15, 2016, the Ministry of Finance of Comoros confirmed the transfer of cable assets from Comores Télécom to Comores Câbles. However, it is unclear if Comores Câbles assumed any or all of Comores Télécom’s outstanding debt obligations to China Eximbank. This issue warrants further investigation.
4. The World Bank’s Debtor Reporting System (DRS) identifies the face value of the loan as $31,759,726.30.

📚 Sources & References

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