Completed Development AidData Chinese Aid

ICBC provides $85.4 million loan for Port-Gentil Stadium Construction Project

$85.42M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Government of Gabon
Country	Gabon
Start Date	Jun 01, 2015
End Date	Aug 30, 2029
Duration	5,204 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`60368`

Grant Description

ICBC provides $85.4 million loan for Port-Gentil Stadium Construction Project On December 4, 2015, the Industrial and Commercial Bank of China (ICBC) signed a $85,423,894.20 loan agreement with the Government of Gabon for the Port-Gentil Stadium Construction Project.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: a 10 year maturity

📅 Maturity10 years

⏳ Grace Period1.5 years

The project involved the construction of a 20,000 seat stadium with a track, two outdoor basketball courts, and three outdoor tennis courts. China State Construction Engineering Corporation (CSCEC) was the contractor responsible for implementation. A groundbreaking ceremony took place on July 18, 2015.

The project was completed in December 2016 and the stadium was inaugurated on September 1, 2017.

There are multiple indications that the ICBC loan for the Port-Gentil Stadium Construction Project financially underperformed vis-a-vis the original expectations of the lender.

In 2019, the Government of Gabon fell into payment arrears under the ICBC loan agreement for the Port-Gentil Stadium Construction Project. Sinosure subsequently made seven indemnity payments to ICBC worth $41.66 million.

📋 Staff Comments

The French project title is Projet de Conception et de Construction du Stade de Port-Gentil. The Chinese project title is 筑承建的加蓬让蒂尔体育场项目 or 加蓬让蒂尔港体育场项目.
In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it identifies a $93 million ICBC loan for this project and it does not identify the interest rate of the loan. AidData relies on the face value ($85,423,894) and interest rate (6-month LIBOR + a 3% margin) of the loan that is recorded by the National Assembly of Gabon and the Directorate General of Debt within Gabon’s Ministry of Economy.
Sinosure claims that the Government of Gabon defaulted due to “multiple unfavorable factors, such as the low debt management efficiency of the borrowers, the COVID-19 pandemic, and the plunge in international oil prices.” See https://mp.weixin.qq.com/s/zJiy_M1TmfZ1ZNdTOPCy6g

📚 Sources & References

COOPERATION: China-Africa Summit in Johannesburg
Stade de Port-Gentil
Banques commerciales
Séance Plénière du 29 Avril 2016
SÉANCE PLÉNIÈRE DU 29 AVRIL 2016
中国建筑承建的加蓬让蒂尔港体育场结构工程封顶
中国建筑承建的加蓬让蒂尔体育场项目举行奠基仪式
General Manager of China State Construction Wang Xiangming meets with President of Gabon Omar Bongo
China State Const Eng: Deputy Prime Minister of Gabon Inspects Port of Gentil Stadium Project Building
Séance Plénière du 31 Mars 2016 (1).pdf
Request for a Three-Year Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; Supplementary Information, and Statement by the Executive Director for Gabon
IMF POLICY PAPER REVIEWS OF THE FUND’S SOVEREIGN ARREARS POLICIES AND PERIMETER
FIRST AND SECOND REVIEWS OF THE EXTENDED ARRANGEMENT UNDER THE EXTENDED FUND FACILITY
REQUESTS FOR WAIVERS FOR NONOBSERVANCE OF PERFORMANCE CRITERIA
ESTABLISHMENT OF PERFORMANCE CRITERIA
AND FINANCING ASSURANCES REVIEW—PRESS RELEASE; STAFF REPORT; STAFF SUPPLEMENT; AND STATEMENT BY THE EXECUTIVE DIRECTOR
Execution dette 2019
CSEC 2016 Interim Report, 2015 Loan Agreements, 2016 Gabon Budget Loi de finances
X - @YufanHuang07 1/6 Interesting Sinosure article about Gabon
全力维护企业权益中国信保为加蓬基建项目支付赔款超4100万美元
全力维护企业权益中国信保为加蓬基建项目支付赔款超4100万美元 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.