China Eximbank provides $201.2 million preferential buyer’s credit for Phase 2 of the Malabo Power Grid Project

📋 Staff Comments

1. This project is also known as the Malabo Electrification Project and Phase 2 of Malabo Connections Project. The Spanish project title is El Proyecto de la electrificación de Malabo and Proyecto de Urbanización de la Red de Transmision Electrica en la Ciudad de Malabo Fase II or Fase II, Acometidas Malabo. The Chinese project title is 首都马拉博城市电网改造项目二期.
2. This China Eximbank loan was not included in the database of Chinese loan commitments that SAIS-CARI released in 2020 and re-released in 2021. Nor was it included it in the Chinese Loans to Africa (CLA) Database — that is maintained by Boston University's Global Development Policy Center — as of September 20243. Some sources identify the face value of the loan as $174,000,000. However, AidData relies on the face value of the loan ($201,250,532.92) that is identified by Equatorial Guinea's Ministry of Finance (see https://www.dropbox.com/scl/fi/1g02zevd21salaogm6egd/List-of-Chinese-loans-published-on-Equatorial-Guinea-Ministry-of-Finance-Website-in-2021.xlsx?rlkey=fr9lomks4dce3zhwgfden2grp&dl=0 and 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).
3. The borrower made debt service payments to the lender from an escrow account (ID#1360000100000881349). See https://www.dropbox.com/scl/fi/pk6rsp7qlg3uigv79jk4t/ordenes_de_pago_2020.pdf?rlkey=woy2yflgemcgvglz4392qg3qm&dl=05. Data on disbursements, repayments and amounts outstanding under the loan agreement are provided by 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 and https://www.dropbox.com/scl/fi/1g02zevd21salaogm6egd/List-of-Chinese-loans-published-on-Equatorial-Guinea-Ministry-of-Finance-Website-in-2021.xlsx?rlkey=fr9lomks4dce3zhwgfden2grp&dl=0

📚 Sources & References

• The Chinese Eximbank Company will finance the electrification of Malabo
• Obiang loves China
• China financia la electrificación de Malabo con 174 millones de dólares
• Paso a paso China va engullendo a Guinea Ecuatorial: Obiang Nguema recibe un préstamo del gobierno chino para infraestructuras
• ChinaLoansToAfrica©SAIS-CARI.csv
• CMEC Carries Social Responsibility in Equatorial Guinea
• Obra: Proyecto segunda fase de la Electrificacion de la Ciudad de Malabo (Conexión domiciliaria)
• China financia la electrificación de Malabo con 174 millones de dólares
• Eastern Promises: New Data On Chinese Loans in Africa, 2000 to 2014
• Republic of Equatorial Guinea: 2010 Article IV Consultation
• Ordenes de Pago
• 伙伴关系成员国-赤道几内亚
• 对外投资合作国别（地区）指南 赤道几内亚, [Email correspondence with subject line 'Payment Advice for PBC Projects'], [Email correspondence with subject line 'Re: Re: Payment advice for PBC Projects']
• Orden de Pago
• Cuadro General de la Deuda Gobierno de Guinea Ecuatorial
• CMEC Carries Social Responsibility in Equatorial Guinea
• China Machinery Engineering Corporation Annual Report 2012
• 中非·案例方案典范: 赤道几内亚的“光明工程”
• Ministry of Finance Statements on Equatorial Guinea's External Debt Situation, 2009-2019
• Proyectos Línea de Crédito Chino LCC 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.