Completed Development AidData Chinese Aid

China Eximbank disburses RMB 192 million from RMB 400 million government concessional loan for Phase II of Concorde Residences Project (Linked to Record ID#58874)

¥192M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Côte d'Ivoire (Ivory Coast)
Country	Cote d'Ivoire
Start Date	Feb 11, 2010
End Date	Apr 24, 2028
Duration	6,647 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`72687`

Grant Description

China Eximbank disburses RMB 192 million from RMB 400 million government concessional loan for Phase II of Concorde Residences Project On February 11, 2010, China Eximbank and the Government of Cote d'Ivoire signed a government concessional loan (GCL) agreement worth RMB 400 million (or CFA 31.25 billion) for Phase II of the Concorde Residences Project (see Record ID#58874).

Then, on April 12, 2010, Government of Cote d'Ivoire ratified this loan agreement.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

However, it is known that the borrower was expected to use the proceeds of the loan to finance a commercial contract between Société Ivoirienne de Construction et de Gestion Immobilière (SICOGI) — a state-owned housing company — and China Overseas Engineering Group (COVEC).

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), China Eximbank made 9 loan disbursements (worth CFA 14,978,360,829) between 2010 and 2014: a CFA 5,427,044,530 disbursement on September 8, 2010, a CFA 1,434,293,436 disbursement on April 16, 2011, a CFA 419,830,121 disbursement on June 21, 2012, a CFA 842,151,142 disbursement on November 28, 2012, a CFA 1,729,243,387 disbursement on March 13, 2013, a CFA 1,500,400,887 disbursement on June 10, 2013, a CFA 1,502,309,110 disbursement on September 5, 2013, a CFA 1,835,805,315 disbursement on March 18, 2014, and a CFA 287,282,901 disbursement on July 31, 2014.

The Concorde Residences (Résidences Concorde or 协和住宅) site, which is located in the Abobo District of Abidjan, occupies 50 hectares and it includes a total of 2,678 affordable housing units and community facilities including shopping centers, a sports complex, a health center, places of worship, and multiple schools.

Phase I involved the construction of 488 houses, while Phase II involved the construction of 2190 houses.

The first phase worth 4 billion CFA was carried out and was entirely financed by SICOGI, and the first set of home buyers got their keys in June 2012.

The groundbreaking ceremony for Phase II took place on July 28, 2010 but construction itself did not begin until November 2011 due to the post-electoral crisis.

As of November 30, 2014, 1000 housing units (single-storey and duplex accommodations) had been constructed and the ‘finishing works’ (carpentry and painting) were underway. However, as of December 31, 2014, the housing units still lacked functional wastewater treatment connections. As of May 26, 2015, there was also no access road to the project site.

Phase II was never fully completed because China Eximbank suspended disbursements in mid-2014 after disbursing only part of the face value of the loan.

According to the Government of Cote d'Ivoire’s Aid Management Platform (AMP), 48% of the face value of the loan (equal to CFA 14,978,360,829 or approximately RMB 192 million) was ultimately disbursed prior to the project suspension. In September 2017, the Director General of SICOGI announced that construction would eventually resume.

Also, according to a Ministry of Economy and Finance source, there were discussions with Chinese company Huali about the Concorde Residences, but it is not clear if this project ever resumed.

📋 Staff Comments

The French project title is Projet de Construction des ‘Résidences Concorde’ de la SICOGI. The Chinese project title is 协和住宅 or 的“协和小区”住房项目 or 协和住宅项目.
SAIS-CARI records the full face value of the loan that supported this project in the database of Chinese loan commitments that it released in July 2020. AidData only records the amount of the loan that was drawn down (via Project ID#72687) and not the amount that was cancelled.
The system identification number for this project in the Government of Côte d'Ivoire’s Aid Management Platform (AMP) is 11200713532. The AMP project code is QSDGFG.
According to the AMP, as of May 26, 2015, the second China Eximbank loan ‘installment’ had been cancelled.
Loukou Hyacinte Souaga ([email protected]) was the project coordinator.
The AMP provides the following locational coordinates for the project: 5.460588652804154, -4.
However, it is unclear if these are precise coordinates or the centroid of an administrative unit.
According to the World Bank's Debtor Reporting System (DRS), the weighted average grace period of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 6.0833-years in 2010. AidData estimates the grace period of the Export-Import Bank of China loan that supported Phase II of the Concorde Residences Project by using this figure. See https://www.dropbox.com/scl/fi/i7f56vi0ix8drznpbaczg/Weighted-average-borrowing-terms-from-Chinese-Lenders-to-Ivory-Coast-April-2024-IDS-Data-Extraction.xlsx?rlkey=0uj6y8don6vdg39v28f1y4nwz&dl=0 8. According to the World Bank's Debtor Reporting System (DRS), the weighted average maturity of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 20.5833-years in 2010. AidData estimates the maturity of the Export-Import Bank of China loan that supported Phase II of the Concorde Residences Project by using this figure. See https://www.dropbox.com/scl/fi/i7f56vi0ix8drznpbaczg/Weighted-average-borrowing-terms-from-Chinese-Lenders-to-Ivory-Coast-April-2024-IDS-Data-Extraction.xlsx?rlkey=0uj6y8don6vdg39v28f1y4nwz&dl=0 9. According to the World Bank's Debtor Reporting System (DRS), the weighted average interest rate of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 2% in 2010. AidData estimates the interest rate of the Export-Import Bank of China loan that supported Phase II of the Concorde Residences Project by using this figure. See https://www.dropbox.com/scl/fi/i7f56vi0ix8drznpbaczg/Weighted-average-borrowing-terms-from-Chinese-Lenders-to-Ivory-Coast-April-2024-IDS-Data-Extraction.xlsx?rlkey=0uj6y8don6vdg39v28f1y4nwz&dl=0

📚 Sources & References

科特迪瓦城市建设住房部部长为协和住宅奠基砌下第一块砖
我优贷建设《协和小区》经济住宅项目举行隆重奠基仪式
February 2018 Export from the Government of Ivory Coast's Aid Management Platform
Projets immobiliers « Ville Nouvelle Grand-Bassam », « Concorde PK 18 Abobo » - Le Ministre Adama Koné : « La construction des logements est une priorité pour le Gouvernement », 20-09-2017SOCIÉTÉ LOGEMENTS SOCIAUX- LA SICOGI ANNONCE LA LIVRAISON DE 235 LOGEMENTS A AZITO (YOPOUGON) EN OCTOBRE 2017
Opération Concorde à Abobo Pk18 - Les vraies raisons des nouvelles conditions de la Sicogi aux acquéreurs
Official Journal No. 16 of Thursday 22 April 201022
Chinese Loans to Africa Database
Mot du Premier Ministre Duncan
Projet de Construction des 'Residences Concorde' de la SICOGI
Construction project of the 'Concorde Residences' of SICOGI 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.