Completed Mixed AidData Chinese Aid

China Eximbank provides $102.5 million preferential buyer’s credit for Santa Elena Aqueduct Hydraulic Plan Stage 1 Project

$102.57M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Ecuador
Country	Ecuador
Start Date	Nov 17, 2016
End Date	Sep 27, 2027
Duration	3,966 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`58437`

Grant Description

China Eximbank provides $102.5 million preferential buyer’s credit for Santa Elena Aqueduct Hydraulic Plan Stage 1 Project On January 7, 2015, China Eximbank and the Government of the Republic of Ecuador signed a framework agreement on future cooperation, which identified a list of priority project for financing, including the Santa Elena Aqueduct Hydraulic Plan Stage 1 Project.

Then, on November 17, 2016, China Eximbank and the Government of the Republic of Ecuador signed a preferential buyer's credit (PBC) loan agreement [CHINA EXIMBANK PBC NO. (2016) 33 TOTAL NO. (421) SERIAL NO: 1420303052016212684] worth $102,567,186.91 for the Santa Elena (also Santa Ana) Aqueduct Hydraulic Plan Stage One Project.

The loan (PBC) carries the following borrowing terms: an interest rate of 3%, a default (penalty) interest rate of 0%, a grace period of 5-years, a maturity of 20-years, a 0.75% commitment fee, a 0.75% management fee, and a 0% default (penalty) interest rate.

The borrower was expected to use the proceeds of the loan to finance 85% of the cost of two commercial contracts: a $112,547,650.97 construction contract (ID#RE-EEI-EPA-021-2015] between Empresa Publica del Agua EPA-EP and China International Water & Electric Corporation (CWE), which was signed on December 30, 2015; and a $8,119,627.75 supervision contract (ID#RE-EEI-EPA-009-2015] between Empresa Publica del Agua EPA-EP and Changjiang Institute of Survey, Planning, Design, and Research (CISPDR), which was signed on December 31, 2015.

The loan’s (principal) amount outstanding was $102,567,186.89 as of December 31, 2021 and $99,148,280.66 as of November 30, 2022.

The project was part of the Intervention, Expansion, and Construction of the Hydraulic Plan of Santa Elena Aqueduct, which was broken into Phase 1 & Phase 2.

It involved an expansion of the existing infrastructure of the Daule-Santa Elena transfer system from 4.6 m3/s to 27.6m3/2 to meet the demands for drinking water and irrigation. CWE was the contractor responsible for project implementation. Its work was supervised by Changjiang lnstitute of Survey, Planning, Design and Research (CISPDR).

The project, which had a planned construction period of 27 months, was completed on August 27, 2019.

📋 Staff Comments

The loan (PBC) agreement can be accessed in its entirety via https://www.dropbox.com/s/npl1draoc4oghzu/2016%20China%20Eximbank%20Loan%20for%20Santa%20Elene%20Aqueduct%20Hydraulic%20Plan%20Stage%20One%20Project.pdf?dl=0 and https://www.dropbox.com/scl/fi/qvszjckmuuh2i0dntkqqa/Anexo-3-Acuerdo-Marco-Cooperaci-n-Ecuador-Eximbank.pdf?rlkey=n2b208fdefqvv15cwmjb0jw0m&dl=02. Some media reports suggestions that the financing for this project came from a $5.3 billion line of credit that China Eximbank issued in 2015 (captured via Project ID #39113), but AidData has not identified any official sources that corroborate this assertion.
This project is also known as the Hydraulic Plan for lntervention, Extension and Construction of Santa Elena Aqueduct (PHASE), Stage 1. The Chinese project title is 署的圣埃伦娜水工程项目. The Spanish title is Plan Hidráulico Acueducto Santa Elena (PHASE 1).
The Ecuadorian Ministry of Finance loan identification number is 23187000.
An ex ante (expected) amortization table from the Ecuadorian Ministry of Finance can be accessed via https://www.dropbox.com/scl/fi/jg25uklcinkl2azyb7tfk/Anexo-24-Tabla-de-amortizaci-n.pdf?rlkey=zhdw176rnrtirwf0n880ky09n&dl=06. The January 7, 2015 framework agreement can be accessed in its entirety via https://www.dropbox.com/scl/fi/qvszjckmuuh2i0dntkqqa/Anexo-3-Acuerdo-Marco-Cooperaci-n-Ecuador-Eximbank.pdf?rlkey=n2b208fdefqvv15cwmjb0jw0m&dl=0

📚 Sources & References

El detalle de los contratos de crédito externos o internos 2018, 2017 Bond Prospectus
Anexo 10 OFICIO EPA-GG.2-2016-00162-O
Anexo 11 OFICIO MINFIN-SFP-2016-513
Anexo 13 OFICIO EPA-G.2-2016-00890-O
Anexo 14 Memorando MF-CGJ-2016-0337
Anexo 15 Pronunciamiento favorable Procurador para arbitraje internacional
Anexo 16 MEF conforma Cr‚dito al Comprador
Anexo 17 Memorando No. MF-CGJ-2016-00342
Anexo 18 OFICIO Nro. EPA-GG.2-2016-00906-O
Anexo 19 RESOLUCIàN No. DIR-EPA EP-2016-008
Anexo 2 Decreto Ejecutivo 310
Anexo 20 MEMORANDO No. MINFIN-SFP-2016-664
Anexo 21 Memorando No. MINFIN-SFP-2016-663
Anexo 22 Acta Resolutiva 026
Anexo 24 Tabla de amortizaci¢n
Anexo 4 OFICIO No. MINFIN-SFP-2015-200
Anexo 5 RESOLUCIàN No. DIR-EPA EP-2015-005
Anexo 6 OFICIO SENPLADES-SGPBV-2015-0984-OF
Anexo 7 RESOLUCIàN No. DIR-EPA EP-2015-016
Anexo 8 CONTRATO No. RE-EEI-EPA-021-2015 EPA-EP
Anexo 9 FE DE ERRATAS contrato
Base-de-Datos-Boletin-de-Deuda-Noviembre-2022
Building Development for a New Era: China’s Infrastructure Projects in Latin America and the Caribbean
C A T Á L O G O D E INVERSIÓN PARA PROYECTOS ESTRATÉGICOS
China’s grip on Ecuador’s energy matrix
Cuaderno-Estadístico-Agosto-2022
Cuaderno-Estadístico-Boletín
DIRECCION DE AUDITORÍA DE PROYECTOS Y AMBIENTAL
En Santa Elena, el Vicepresidente inaugura 11 reservorios que mejorarán la productividad agrícola
Estadísticas Deuda Pública
Framework Agreement on Future Cooperation between the Export-Import Bank of China and Ministry of Finance of the Republic of Ecuador
Gerente constata avances de obra del Proyecto Plan Hidráulico Acueducto Santa Elena (PHASE)
GM of Ecuadorian public water company inspects Santa Elena Water Project
Investment catalogue in strategic sectors 2015-2017
La Empresa Pública del Agua atendió requerimiento de la Comuna Salanguillo beneficiaria del Proyecto PHASE
Plan Hidráulico Acueducto Santa Elena (PROYECTO PHASE)
Plan Hidráulico Santa Elena Línea de Tiempo
Preferential Buyer Credit Loan Agreement on Santa Elena Aqueduct Hydraulic Plan Stage One Project
PRO-DEA-001 ESTUDIO DE IMPACTO AMBIENTAL DEL PROYECTO REHABILITACIÓN Y AMPLIACIÓN DEL SISTEMA DEL PLAN HIDRAÚLICO ACUEDUCTO SANTA ELENA (PHASE)
PROYECTO PLAN HIDRÁULICO ACUEDUCTO SANTA ELENA PHASE ETAPA 1
ECUADOR
Salanguillo se beneficia de la Compensación Social, [中国建筑]圣埃伦娜水利项目正式交工
厄瓜多尔国家公共水务公司总经理视察圣埃伦娜水利工程项目
厄瓜多尔圣埃伦娜水利工程项目实现临时验收
厄瓜多尔圣埃伦娜项目收到当地居民感谢信
厄瓜多尔最大民生水利工程正式交工
驻瓜亚基尔总领事张滔走访中企厄瓜多尔工程项目现场 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 Ecuador

Interested in applying for this grant?

Complete our application form to express your interest and we'll guide you through the process.

Apply for This Grant