China Eximbank provides $45 million loan for August 15 Camp Housing Units Construction Project (Linked to Record ID#60219)

China Eximbank provides $45 million loan for August 15 Camp Housing Units Construction Project On June 19, 2006, China Eximbank and the Republic of Congo signed a $1.6 billion loan framework agreement — also known in the Republic of Congo as the “strategic partnership” (“partenariat stratégique”) — that allowed the Republic of Congo to obtain China Eximbank loans for infrastructure projects through a securitization mechanism: Société Nationales des Pétroles Congolais (SNPC)—the country’s state-owned oil company—agreed to deposit a portion of the cash proceeds from its oil exports into an escrow account that is controlled by China Eximbank.

This framework agreement (captured in Record ID#60219) was ratified on October 26, 2006.

One of the subsidiary loans that was approved through the framework agreement was a $45 million loan in 2006 for August 15 Camp Housing Units Construction Project.

As of 2014, USD 45 million had been disbursed. The loan’s (principal) amount outstanding was $16,025,908 as of December 31, 2019.

This project involved the construction of 200 housing units in the August 15 camp (le Camp 15 août) within the capital city of Brazzaville. It also involved the construction of a kindergarten and roads for the new housing development.

Weihai International Economic & Technical Cooperative Co., Ltd (WIETC) and Beijing Construction Engineering Group (BCEG) were the contractors responsible for implementation. Construction began in September 2010 and ended in October 2013.

However, according to the Republic of Congo’s Ministry of Public Works, the project was not complete until January 1, 2016.