Completed Mixed AidData Chinese Aid

China Eximbank provides $647.2 million buyer’s credit loan for Djibloho Power Transmission and Transformation Project (Linked to Record ID#995, #62127, #484)

$647.2K USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Equatorial Guinea
Country	Equatorial Guinea
Start Date	Jan 01, 2010
End Date	Jul 30, 2029
Duration	7,150 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`62082`

Grant Description

China Eximbank provides $647.2 million buyer’s credit loan for Djibloho Power Transmission and Transformation Project On November 16, 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion buyer’s credit facility agreement (互惠贷款) for various infrastructure projects.

📋 Loan / Grant Terms

💰 Loan Amountfacility agreement carry the following terms: a 5

📅 Maturity5 years

⏳ Grace Period2 years

💹 Interest Rate5.5%

The subsidiary buyer's credit loans under the $2 billion facility were secured with (i.e. collateralized against) minimum cash balances in an escrow account opened by Government of Equatorial Guinea in China Eximbank.

Under the original terms of an Account Settlement and Financing Agreement (Convenio de Liquidacion de cuentas y Financiamiento) that the parties signed on February 17, 2006, the minimum cash balance requirement was reportedly equivalent to 30 percent of the Government of Equatorial Guinea's outstanding stock of debt to China Eximbank.

After the Account Settlement and Financing Agreement was amended on March 26, 2010, the borrower was expected -- at any given point in time -- to maintain a minimum cash balance in the escrow account (also known as 赤道几内亚共和国财务预算部) equivalent to the value of its next set of semi-annual principal, interest, and fee payment obligations to the lender.

The borrower was also expected to deposit the cash proceeds from its oil export sales (crude oil sales revenue) to China into a payment reserve account (also known as 还款准备金 or 赤道几内亚共和国财务预算部还款准备金).

More specifically, the borrower was expected to deposit the cash proceeds from six oil cargoes into the payment reserve account.

In 2011, China Eximbank and the Government of Equatorial Guinea signed a $647,219,106.90 subsidiary buyer’s credit loan agreement for the Djibloho Power Transmission and Transformation Project.

The proceeds of the loan were used by the borrower to finance a $647,219,106.90 commercial (EPC) contract with China Machinery Engineering Corporation (CMEC).

The purpose of the project was to evacuate power from the China Eximbank-financed 120MW Djibloho Hydropower Station (captured via Record ID#995) to 25 cities in mainland Equatorial Guinea.

It involved the construction of 1,366 km of power transmission lines; the construction of twenty-six, 5200 kV, 13110kV, and 820kV substations; and the construction of 1 national control (dispatch) center. CMEC and one of its subsidiaries (CMEC Comtrans International Co., Ltd.) were responsible for implementation.

A groundbreaking ceremony for the project was held on June 21, 2009.

Another major milestone was achieved on December 28, 2011 when the South Akure Sub-station and Mengomeyén Sub-station achieved synchronized power transmission. A project completion ceremony was held on October 10, 2012.

📋 Staff Comments

This project is also known as the Djiploho Power Transmission and Transformation Project or the Giblau Power Transmission and Transformation Project. The Chinese project title is 赤道几内亚吉布劳水电站 or 赤道几内亚吉布劳输变电线路一期、二期项目 or 赤道几内亚吉布劳水电站输变电线路工程项目.
As of 2021, neither Boston University's Global Development Policy Center nor SAIS-CARI recorded the China Eximbank loan for the Djibloho Power Transmission and Transformation Project.
The China Eximbank-financed Djibloho Power Transmission and Transformation Project is closely related to two other China Eximbank-financed projects: the 120MW Djibloho Hydropower Station Project (captured via Record ID#995) and the Djibloho Regulating Reservoir Project (captured via Record ID#62127).
The loan's face (commitment) value is recorded in the Ministry of Finance Statements on Equatorial Guinea's External Debt Situation (see https://www.dropbox.com/scl/fi/20hjuaclx0huk36o4oqnf/Ministry-of-Finance-Statements-on-Equatorial-Guinea-s-External-Debt-Situation-2009-2019.xlsx?rlkey=sj7qii1zooaiwdi649d1yri1k&dl=0).
The loan's precise commitment date is unknown. It is currently coded as January 1, 2011 based upon the first year in which the loan appears in the Ministry of Finance Statements on Equatorial Guinea's External Debt Situation (see https://www.dropbox.com/scl/fi/20hjuaclx0huk36o4oqnf/Ministry-of-Finance-Statements-on-Equatorial-Guinea-s-External-Debt-Situation-2009-2019.xlsx?rlkey=sj7qii1zooaiwdi649d1yri1k&dl=0). This issue warrants further investigation.
The loan's commitment date is set to January 1, 2010 based upon the first year in which the loan appears in the Ministry of Finance Statements on Equatorial Guinea's External Debt Situation (see https://www.dropbox.com/scl/fi/20hjuaclx0huk36o4oqnf/Ministry-of-Finance-Statements-on-Equatorial-Guinea-s-External-Debt-Situation-2009-2019.xlsx?rlkey=sj7qii1zooaiwdi649d1yri1k&dl=0). This issue warrants further investigation (as observed on 5/9/2025)

📚 Sources & References

Copy of CMEC INTRODUCTION
China Machinery Engineering Corp Social Responsiblity Report 2013
商务部魏建国副部长访问赤道几内亚硕果累累
Chinese-built hydropower project to boost Equatorial Guinea economy: president
Completion Ceremony held for Djiploho Power Transmission and Transformation Project of Equatorial Guinea
Equatorial Guinea Inaugurates New High-Capacity Power Plant In Djibloho, 2012 China National Machinery Industry Corporation Social Responsibility Report
赤道几内亚共和国总统奥比昂出席吉布劳水电站输变电工程开工奠基典礼
跟踪报道——建设中的赤道几内亚吉布劳水电站
Substation and Transmission Line
赤道几内亚吉布劳水电站输变电线路工程项目
Equatorial Guinea Djibloho Power Transmission and Transformation Project Succeeded in Live Operation
赤道几内亚吉布劳输变电工程举行竣工典礼
国机集团承建的赤道几内亚吉布劳输变电工程竣工
Groundbreaking Ceremony for the Transmission and Distribution Project of Djibloho Hydropower Station in Equatorial Guinea
赤几政府官网刊载对我处苏建国参赞采访
Eastern Promises: New Data On Chinese Loans in Africa, 2000 to 2014
Republic of Equatorial Guinea: 2010 Article IV Consultation
走进非洲｜进出口银行的赤道几内亚足迹
INFRASTRUCTURE DEVELOPMENT WITHIN THE CONTEXT OF AFRICA’S COOPERATION WITH NEW AND EMERGING DEVELOPMENT PARTNERS
Proyectos Línea de Crédito Chino LCC
Ministry of Finance Statements on Equatorial Guinea's External Debt Situation, 2009-2019 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 Equatorial Guinea

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