Active Development AidData Chinese Aid

China Eximbank provides $255 million loan for Kansonyah 5,000 Social Housing Units Project

$255M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Société Nationale d'Aménagement et la Promotion Immobilière de Guinée (SONAPI)
Country	Guinea
Start Date	Jan 01, 2018
End Date	Apr 13, 2033
Duration	5,581 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`64447`

Grant Description

China Eximbank provides $255 million loan for Kansonyah 5,000 Social Housing Units Project In 2018, China Eximbank and Société Nationale d'Aménagement et la Promotion Immobilière de Guinée (SONAPI or 是几内亚国家房地产公司) — a state-owned company in Guinea — signed a $255 million loan agreement for the Kansonyah 5,000 Social Housing Units Project.

The Government of Guinea issued a sovereign guarantee in support of the loan.

The borrower (SONAPI) was expected to use the loan proceeds to finance 85% of the cost of a $300 million commercial (EPC) contract that it signed with PowerChina in September 2016.

The Kansonyah 5,000 Social Housing Units Project will involve the construction of 5,000 housing units — and supporting infrastructures such as roads, schools, stadiums, mosques, and police stations — in Kansonyah within the Coyah prefecture.

The project is the first phase of a larger plan called ‘The New City of Kansonyah,’ and includes 50,000 social housing of medium and high standings (11.9 km2), a highway (22KM) with 2 lanes in each direction connecting Kansonya and Kaloum, an administrative and financial district (250 ha), a circular road, and two 5-star hotels and luxury villas.

PowerChina is the EPC contractor responsible for project implementation. Construction began on November 11, 2018.

📋 Staff Comments

The French project title is Construction de 5,000 Logements à Kansoyah or Construction de 5,000 Logements Sociaux à Kansoyah. The larger 50,000 housing project is titled « Nouvelle Cité » in French. The Chinese project title is 5万套社会福利安子房 or 几内亚首都郊区建设5万套社会福利安居房 or 几内亚国家安居房项目 or 几内亚国家安居房项目一期（5000套）or 蓝邦尼新城安居房项目.
This record has been marked as having evidence of financial distress because it was part of the debt restructuring agreements captured in records #95553, #95554, and #107137 .

📚 Sources & References

Accueil> INTERNATIONAL Guinée : signature d'un contrat de construction de 50.000 logements sociaux par une société chinoise
几内亚即将启动建设12万套社会福利安居房
中国电建与几政府签署5万套社会福利安居房项目协议
Construction-de-5-000-logements-a-Kansoyah (1).pdf
Présentation du concept d’une nouvelle Cité à Kansonyah
Potential for positive economic outcomes
China's Overseas Finance report on Souapiti
Beijing Institute Signs Cooperation Agreement on the Construction of Guinea's Wuwan Suite and the New Town Planning
几内亚国家安居房项目正式签订施工合同
几内亚计划2020年启动新建5000套社会保障房项目
Guinée : signature d’un contrat de construction de 50.000 logements sociaux par une société chinoise
几内亚最大的公务员小区开工
Housing Investment Landscapes
China Loans to Africa
China's Overseas Development Finance
PROJET – CONSTRUCTION DE 5 000 LOGEMENTS À KANSOYAH 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.