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ICBC provides $65.297 million buyer’s credit loan for 70 km Road Construction Project (Linked to Record ID#92500 and #95966)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Suriname Ministry of Public Works |
| Country | Suriname |
| Start Date | Dec 29, 2015 |
| End Date | Oct 06, 2031 |
| Duration | 5,760 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 55444 |
Grant Description
ICBC provides $65.297 million buyer’s credit loan for 70 km Road Construction Project On December 29, 2015, Industrial and Commercial Bank of China Limited (ICBC) signed a buyer’s credit loan agreement worth $65,297,000 with the Government of Suriname's Ministry of Public Works for a 70 km Road Construction Project.
The proceeds of the loan were to be used by the borrower to partially finance of the cost of a commercial contract between the Government of Suriname and Dalian International Economic and Technical Cooperation Group (CDIG). The ICBC loan was also backed by a Sinosure credit insurance policy.
In order pay for 85% of the cost of the Sinosure insurance policy (premium), the Government of Suriname contracted an additional $5.797 million loan on March 30, 2016 from China Dalian International Cooperation (Group) Holdings Ltd (captured via Record ID#92500).
On the same day (March 30, 2016), the Government of Suriname signed a $3.126 million loan agreement with Zhong Da International Engineering Company (Suriname) N.V. — a wholly owned subsidiary of CDIG — for the 70 km Road Construction Project (captured via Record ID#95966).
The proceeds of the loan from Zhong Da International Engineering Company (Suriname) N.V. were to be used by the borrower to finance the advance/down payment portion of the commercial contract between CDIG and the Government of Suriname.
The purpose of the project was to construct 70 kilometers of roads in Suriname, including a 8 km road to Matta, the Poerwojadieweg (Poerwodadiweg) road in Lelydorp, and Verlengde Jacques Gompertsstraat. CDIG was the contractor responsible for project implementation. Project implementation took place between July 2016 and September 2017.
Staff Comments
- 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.
- The China-Latin America Commercial Loans Tracker, which is produced by the Inter-American Dialogue, does not capture the ICBC loan that supported this project.
- The Dutch project title is Dalian 70.
Sources & References
- Foreign Loan Agreements in 2016
- Suffering Mahdia residents to get new water well, pump replacement
- Foreign Loan Agreements in 2016
- Verdere uitvoering Dalian 70 km gestart
- Financiele Nota 2017
- Tables Government Finance Statistics 2017, 2018 MOFCOM Suriname
- Dalian IV gestart
- Dalian 70-project in afrondende fase
- Government sidelines local contractors
- Domestic Loan Agreements in 2016
- Foreign loans signed in 2015 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
Suriname Ministry of Public Works
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