ICBC and four other Chinese banks pledge $297.5 million syndicated loan for Regional University Extension and Rehabilitation Project (Linked to Record ID#65113, #64352, #86358)

📋 Staff Comments

1. The French project title is Réhabilitation des Universités de Sonfonia, Labé, Kankan et N'zérékoré or Projet de conception de bâtiments universitaires en Guinée. The Chinese project title is 几内亚康康大学新校园项目 or 康康大学改扩建项目 or Sonfonia索福尼亚大学, Labé拉贝大学, Kankan康康大学, N'Zérékoré恩泽雷科雷大学 or 科纳克里索福尼亚大学UGLC-Sonfonia, 拉贝大学Université de Labé, 康康大学 UJN-Kankan, 恩泽雷科雷大学 l’Université de N’Zérékoré.
2. To estimate the face value of the loan (i.e. the transaction/commitment amount), AidData calculated 85% of the total value of the commercial contract with CBITEC ($350,000,000 x 0.85 = $297,500,000).
3. The World Bank’s Debtor Reporting System (DRS) does not record any official sector Chinese loan commitments to the Government of Guinea (and/or entities backed by Government of Guinea repayment guarantees) in 2019 or 2020. The DRS indicates that official sector loan commitments from China to the Government of Guinea (and/or entities backed by Government of Guinea repayment guarantees) in 2018 amounted to $1,783,868.
4. This amount is roughly equivalent to the sum of the $1,175,468,700 loan that China Eximbank issued for the 450MW Souapiti Hydroelectric Power Plant Construction Project (captured via Project ID#187) in 2018 and the EUR 559,471,286 ($598 million) loan that ICBC and China Eximbank issued for the Conakry Urban Road Project and the Reconstruction of the RN1 Coyah-Mamou-Dabola Project (captured via Project ID#65115 and ID#65116) in 2018. Consequently, AidData assumes for the time being that a loan agreement for the Regional University Extension and Rehabilitation Project was never finalized after the syndicated loan framework agreement was signed.
5. Some sources suggest that a loan with ICBC for the Rehabilitation and extension project of the University of Sonfonia (Projet de rehabilitation et d'extension de l'Universite de Sonfonia) may have already been finalized (https://www.milbank.com/en/professionals/shepard-liu.html and https://www.milbank.com/print/v2/content/563/shepard-liu.pdf). This issue warrants further investigation.
6. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

• Portefeuille des projets phares du PNDES
• 几内亚康康大学新校园项目即将开工
• 几内亚即将改扩建和新建4所大学
• 几内亚总统孔戴视察大项目局
• 几内亚总统孔戴出席康康大学改扩建项目奠基仪式
• GUINEA REQUEST FOR A THREE-YEAR ARRANGEMENT UNDER THE EXTENDED CREDIT FACILITY—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR GUINEA
• Guinée, son endettement et les prêts chinois
• China to loan Guinea $20 billion to secure aluminum ore
• 几内亚总统孔戴出席康康大学改扩建项目奠基仪式
• Nouvelle université de Kankan : 16 facultés qui pourront jusqu’à accueillir 20 mille étudiants
• Alpha Condé, ‘’contrôleur’’ de grands projets : ‘’vous avancez bien’’
• Présidence de la République de Guinée
• FIRST REVIEW OF THE ARRANGEMENT UNDER THE THREE-YEAR EXTENDED CREDIT FACILITY
• FINANCING ASSURANCES REVIEW
• AND REQUEST FOR MODIFICATION AND FOR WAIVERS OF NONOBSERVANCE OF PERFORMANCE CRITERIA—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR GUINEA
• Le président de la République, professeur Alpha Condé a effectué une visite de travail technique dans les locaux de l’Administration et Contrôle des Grands Projets (ACGP), ce mardi 12 novembre 2019
• Potential for positive economic outcomes
• PROJET – RÉHABILITATION DES UNIVERSITÉS DE SONFONIA
• LABÉ
• KAKAN ET NZÉRÉKORÉ
• 蚌埠经合公司与几内亚高教部签署建设4所大学协议
• DRS Official Commitments from China through 2020
• Simandou et Accord-Cadre Sino-Guinéen : redémarrage des travaux de construction en mars 2023 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.