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ICBC and China Eximbank pledges EUR 205 million loan for Linsan-Fomi-Kankan Electricity Transmission Line Project (Linked to Record ID#65113 and Record ID#64352)
| Funder | Export-Import Bank of China (China Eximbank)|Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Government of Guinea |
| Country | Guinea |
| Start Date | Sep 05, 2017 |
| End Date | Nov 05, 2028 |
| Duration | 4,079 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 64408 |
Grant Description
ICBC and China Eximbank pledges EUR 205 million loan for Linsan-Fomi-Kankan Electricity Transmission Line Project In 2017, ICBC and China Eximbank agreed in principle to provide a EUR 205 million loan to the Republic of Guinea for the Lisan-Fomi-Kankan Electricity Transmission Line Project.
This loan will be issued as a subsidiary loan agreement under the $20 billion Resource and Loan Cooperation Framework Agreement that the Chinese Government and the Republic of Guinea signed on September 5, 2017 (see Record ID#65113 and Record ID#64352).
The 6-month Euribor rate for September 2017 is used to calculate the interest rate (-.273% + 2.5% = 2.227%).
The repayment of loans made under the agreement were to be collateralized by the mineral resources and other revenues relating to mineral rights granted to Chinese companies Henan China, Chalco and SPIC.
The proceeds of the loan will be used to fund an EPC contract that China International Water and Electrical Corporation (CWE) signed with Guinea’s Ministry of Energy and Water Resources on May 26, 2017.
The purpose of this project is to transmit power generated by the China Eximbank-financed Kaleta and Souapiti hydropower plants (see Record ID#53003 and Record ID#187) by constructing 225kV electricity transmission lines between Linsan, Fomi, and Kankan that are 393 kilometers in length. It also involves the construction of four 225kV substations and some rural electrification along the line.
Upon completion, the project will connect the proposed Guinea-Mali 225kV transnational transmission and distribution network in eastern Guinea with the planned OMVG, CLSG, and OMVS transmission and distribution network in Western Guinea.
The African Development Bank (ADB) financed a feasibility study for this project and CWE is the contractor responsible for its implementation.
Staff Comments
- This project is also known as Linsan-Fomi Electricity Transmission Line Project. The French project title is Ligne d'interconnexion Lisan-Fomi or Interconnexion électrique Linsan-Fomi. The Chinese project title is 几内亚林桑-康康输变电线路工程 or 林桑变电站.
- The Republic of Guinea’s external borrowing plan for 2019 and 2020 identifies the EUR 205 million loan from ICBC for the Linsan-Fomi-Kankan Electricity Transmission Line Project as a loan that it expects to contract in 2020.3.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
- Update of the ECOWAS revised master plan for the development of power generation and transmission of electrical energy Final Report
- Combined Project Information Documents / Integrated Safeguards Datasheet (PID/ISDS)
- PROJECT APPRAISAL DOCUMENT FOR THE GUINEA – MALI INTERCONNECTION PROJECT
- 公司签署几内亚林桑-康康输变电线路工程EPC总承包合同
- Plan_d'endettement_2019-2020
- TROISIEME REVUE DE L’ACCORD AU TITRE DE LA FACILITE ELARGIE DE CREDIT
- DEMANDE DE MODIFICATION D’UN CRITERE DE REALISATION ET REVUE DES ASSURANCES DE FINANCEMENT — COMMUNIQUE DE PRESSE
- RAPPORT DES SERVICES DU FMI
- ANALYSE DE VIABILITE DE LA DETTE
- SUPPLEMENT D’INFORMATION
- ET DECLARATION DE L’ADMINISTRATEUR POUR LA GUINEE
- 几内亚林桑变电站开工
- Portefeuille des projets phares du PNDES
- 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
- SECOND REVIEW OF THE ARRANGEMENT UNDER THE THREE-YEAR EXTENDED CREDIT FACILITY
- FINANCING ASSURANCES REVIEW
- AND REQUEST FOR A WAIVER OF NONOBSERVANCE OF PERFORMANCE CRITERION— PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR GUINEA 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 Guinea
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