[Umbrella] China Eximbank issues $1.3 billion oil-backed lending agreement for multiple road construction projects (Linked to Record ID#59619 and #47012)

[Umbrella] China Eximbank issues $1.3 billion oil-backed lending agreement for multiple road construction projects In 2018, China Eximbank and the Government of South Sudan signed a $1.3 billion oil-backed lending framework agreement to finance multiple road construction projects that would link the capital city of Juba to the remote countryside: the Juba-Terekeka-Yirol-Rumbek Road Construction Project (captured via Record ID#59619), the Juba-Torit Section of the Juba-Nadapal Highway (National No. 2) Construction Project (captured via Record ID#47012), the 219 km Kaya-Yei Road Project, the 451km Western Equatoria-Raja Road Project, and the Juba-Bahr el Ghazal Highway Project.

Shandong Hi-Speed Group Co., Ltd (SDHS) was identified as the contractor responsible for the implementation of these projects. Then, on March 25, 2019, the Government of South Sudan signed a multi-party agreement with SDHS and China Eximbank.

Under the terms of this agreement, the Government of South Sudan agreed to deposit the proceeds from the sale of 30,000 barrels per day of crude oil into a lender-controlled escrow (special) account in order to meet its repayment obligations to China Eximbank and facilitate payments to SDHS (for work performed on EPC contracts).