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China Eximbank provides loan for 84MW Impératrice Falls Dam and Electricity Transmission Lines Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Gabon |
| Country | Gabon |
| Start Date | Jan 01, 2017 |
| End Date | Sep 26, 2029 |
| Duration | 4,651 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 59855 |
Grant Description
China Eximbank provides loan for 84MW Impératrice Falls Dam and Electricity Transmission Lines Project In 2017, the Government of Gabon came close to finalizing a loan agreement with China Eximbank for the 84MW Impératrice Falls Dam and Electricity Transmission Lines Project.
Sometime in 2018, 1,725,000,000 FCFA was drawn down.
This project was to involve the construction of of a hydroelectric power plant at the "Chutes de l’Impératrice Eugénie" waterfalls on the Ngounié river in Ngounié Province, 5 km upstream of Fougamou.
The purpose of this project is to supply power to Nobium de Mabounié, Manganèse de Ndjolé, the wood processing industries located in the Moyen-Ogooué province, and the cities of Mouila, Mandji, and Libreville. In 2010, the Government Gabon awarded the project contract to a company called CODER and construction started.
However, the Government of Gabon terminated the contract in 2013 due to delays in implementation.
Then, in 2014, the project contract was given to China Gezhouba Group Company (CGGC), and as of September 2, 2018, CGGC's implementation had not yet started.
There are some indications that the China Eximbank loan for the 84MW Impératrice Falls Dam and Electricity Transmission Lines Project may have financially underperformed vis-a-vis the original expectations of the lender.
On April 3, 2024, Gabon’s Ambassador to China transmitted a letter (reference number: 000115/AMBAGAB-RPC/24) to the transitional authorities in Gabon, urging them to consider a debt settlement mechanism whereby the Government of Gabon would repay its outstanding debts to China Eximbank by depositing the cash proceeds from the sale of 1 or 2 oil cargoes (worth $150 million per cargo) each year to UNIPEC in a China Eximbank-controlled escrow account.
Staff Comments
1. This project is also known as the 86MW Chutes de l’Impératrice Hydropower Project. The French project title is Barrage et Lignes de Transports Electriques Chutes Impératrice or Les travaux de construction du barrage de l'Impératrice Eugénie or le Barrage de l'Impératrice.
Sources & References
- Infrastructure Financing Trends in Africa – 2017
- Law No. 023/2018 of July 30, 2018 amending certain provisions of Law No. 021/2017 of January 26, 2018 determining the resources and charges of the State for the year 2018
- Le Gabon obtient 180 millions d’euros de la Chine pour sa centrale hydroélectrique FE2
- CGGC bientôt sur les sites de l’Impératrice et de FE2
- Hydropower Status Report 2017, 2018 Gabon Budget Loi de finances rectificatives, 'Impératrice' hydroelectric power plant in Gabon
- Les travaux de construction du barrage de l’Impératrice toujours au point mort
- Evidence of drawdown on Eximbank loan
- Démarrages imminents des travaux des barrages FE2 et Impératrice Eugénie.
- Gabon : la Chine pour un apurement de la dette contre deux cargos de pétrole par an ! 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 Gabon
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