Active Mixed AidData Chinese Aid

ICBC provides EUR 387.4 million buyer's credit for Ferkéssédougou Dry Port Construction Project

$387.48M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Government of Côte d'Ivoire (Ivory Coast)
Country	Cote d'Ivoire
Start Date	Jan 30, 2020
End Date	Jan 14, 2030
Duration	3,637 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`87867`

Grant Description

ICBC provides EUR 387.4 million buyer's credit for Ferkéssédougou Dry Port Construction Project On August 31, 2018, Cote d’Ivoire’s President Alassane Ouattara and Chinese President Xi Jinping signed an MOU regarding the Ferkéssédougou Dry Port Construction Project.

Then, on September 6, 2018, Liu-Yan, President of China National Complete Plant Import Export Corporation (COMPLANT) and Ally Coulibaly, Cote d’Ivoire’s Minister of Foreign Affairs, signed a protocol to mobilize CFA 262 billion (EUR 399.4 million or USD 473.4 million) for the Ferkessédougou Dry Port Construction Project.

On January 30, 2020, ICBC and the Government of Cote d’Ivoire signed an EUR 387, 481, 974 (CFA 254,171,513,219.12) buyer's credit loan agreement for the Ferkéssédougou Dry Port Construction Project.

📋 Loan / Grant Terms

💰 Loan Amountinclude a 15-year maturity

📅 Maturity15 years

⏳ Grace Period3 years

💹 Interest Rate2.7%

The borrower is expected to use the proceeds of the loan to partially finance a CFA 254,171,513,995 commercial (EPC) contract (for Lot 1) between the Government of Cote d’Ivoire and China National Complete Plant Import Export Corporation (COMPLANT), which was signed on May 22, 2019.

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), the ICBC had still not made any disbursements as of February 29, 2024.

However, the Government of Cote d’Ivoire met its CFA 46,600,000,000 counterpart funding obligations between 2020 and 2023 (making disbursements worth CFA 26,600,000,000 on December 31, 2020, CFA 15,248,687,947 on December 31,2022 and CFA 7,522,738,982 on December 31, 2023). The project is divided into two ‘lots’.

Lot 1 involves site remediation and development activities as well as the construction of a (multimodal) logistics platform — with warehouses, cold chain equipment, etc. — and hydrocarbon depot.

Lot 2 involves the construction of a slaughterhouse, a cattle market, and an industrial zone for the development and processing of agricultural and mining products.

The project site is spread over an area of 3185 hectares and located in the village of Dékovogo, approximately 5 km from the capital of Tchologo and near the northern city of Ferkéssédougou.

Upon completion, the dry port of Ferkéssédougou is expected to relieve congestion and bring the autonomous port of Abidjan closer to its regional partners such as Mali, Burkina Faso, and Niger.

It is also expected to make a lasting contribution to the development of the northern regions of the country and to the enhancement of the economic potential of the Poro, Tchologo, and Bagoué regions in Savanes District, and Bounkani, and Gontougo regions in Zanzan district. The project is also expected to generate more than 71,000 direct jobs that will directly benefit young men and women.

Lot 2 is being financed and implemented on a public-private partnership (PPP) basis. Lot 1, which is spread over an area of 732 hectares, is not. COMPLANT is the contractor responsible for the implementation of Lot 1. A foundation-laying ceremony took place on May 21, 2021.

However, according to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), this project faced implementation delays due to resource mobilization problems related to the host government’s counterpart financing contribution and the credit insurance policy with Sinosure.

Then, in December 2022, the Government of Cote d’Ivoire partially met its counterpart financing commitment (by providing CFA 26 billion out of CFA 46.6 billion).

The Government of Cote d’Ivoire had fully met its counterpart financing commitment (by providing CFA 49.3 billion out of CFA 46.6 billion) as of December 31, 2023. Lot 1 was originally expected to take 30 months to complete (November 21, 2023). The project as a whole (Lots 1 and 2) was originally expected to reach completion on December 31, 2025.

📋 Staff Comments

The French project title is construction du port sec de Ferkessédougou or construction du port sec de Ferké or TRAVAUX D'AMENAGEMENT DU SITE ET DE CONSTRUCTION DE LA PLATEFORME MULTIMODALE ET DU DÉPÔT D'HYDROCARBURES or PER II Projet de construction du port sec de FERKESSEDOUGOU. The Chinese project title is 科特迪瓦旱港建设项目 or Ferkessédougou旱港（Dry Port）项目 or 旱港多式联运平台及油库.
Some sources suggest that the EPC contract with COMPLANT was signed on May 22, 2018.
According to one Government of Côte d'Ivoire source, 85% of the cost of the EPC contract (CFA 216,045,786,305) is being financed with a loan from ICBC and remaining 15% of the cost of the Lot 1 EPC contract (CFA 38,125,726,995) is being financed by domestic banks. However, according to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), the face value of the ICBC loan is CFA 254,171,513,219.
Also, some sources suggest that Chinese banks other than ICBC may have been involved in financing 85% of the cost of the Lot 1 EPC contract. This issue merits further investigation.
The AMP system identification number for the ICBC loan is 11200716835017.
The loan's borrowing terms are drawn from the following official

📚 Sources & References

https://www.dgf.gouv.ci/images/app/contenu/112/detteext20.pdf Sources: Côte d’Ivoire : démarrage des travaux du port sec de Ferkessédougou
New dry port strengthens Côte d’Ivoire’s transport and logistics sectors
PORT SEC : À QUOI VA SERVIR L’OUVRAGE DE FERKESSÉDOUGOU ?
Côte d’Ivoire : le chinois COMPLANT débute le chantier de construction du port sec de Ferkessédougou
Foundation stone laid for construction of dry port of Ferkessédougou in Côte d’Ivoire
Construction of port of Ferkessédougou in Côte d’Ivoire to begin next year
EN VISITE D’ETAT EN CHINE
LE PRESIDENT ALASSANE OUATTARA A PRESIDE LE FORUM ECONOMIQUE IVOIRO-CHINOIS MARQUE PAR LA SIGNATURE DE 9 ACCORDS DE COOPERATION, « Le Port Sec de Ferkessédougou, bientôt une réalité » selon le ministre Ally Coulibaly
Chinese Engineering Firm to Build USD433 Million Ivorian Dry Port
中企30亿承包科特迪瓦陆港工程，助力西非可可、石油贸易原文網址：https://kknews.cc/finance/ml3kmv6.html
Plan de Passation des Marchés Gestion 2019
PLAN DE PASSATIONS DES MARCHÉS - GESTION 2019 - (TOME 1)
CONSTRUCTION ET EXPLOITATION DU PORT SEC DE FERKÉSSÉDOUGOU
Côte d'Ivoire-AIP/ The works of the dry port of Ferkessédougou will be launched on May 21 (Alcide Djédjé)
Côte d'Ivoire: start of work on the dry port of Ferkessedougou
LANCEMENT DES TRAVAUX DU PORT SEC DE FERKESSEDOUGOU
RAPPORT DE MISE EN ŒUVRE DE LA DEUXIEME PHASE DU PROGRAMME ECONOMIQUE REGIONAL (PER II) DE L’UEMOA EN CÔTE D’IVOIRE A FIN
PRÉSENT A TION DU POR T SEC DE FERKESSEDOUGOU
Portant Creation
Attributions
Composition Et Fontionnement du Comite De Suivi Permanent Du Projet De Construction Du Port Sec De Ferkessedougou
ARRETE N 042/MDMEMAEIADIA/CAB DU 08 AOUT 2021
Madame LIU-YAN présidente du groupe chinois Complant (China National Complete Plant Import Export Corporation) et le ministre Ally Coulibaly après la signature du protocole de mobilisation du financement du port sec de Ferke.
Côte d'Ivoire: Port Sec de Ferké l'inauguration du projet annoncé en 2024, coût de réalisation de 254,171 milliards de FCFA confié au chinois Complant
Côte d'Ivoire: Ferké, 250 milliards de FCFA pour la réalisation du port sec, 71 mille emplois annoncés
Foundation stone laid for dry port of Ferkessédougou
Construction du Port Sec de Ferkessedougou
Ce qu’il faut retenir:, 03-09-2018ECONOMIE EN VISITE D’ETAT EN CHINE
LE PRESIDENT ALASSANE OUATTARA A PRESIDE LE FORUM ECONOMIQUE IVOIRO-CHINOIS MARQUE PAR LA SIGNATURE DE 9 ACCORDS DE COOPERATION, 03-09-2018ECONOMIE EN VISITE D’ETAT EN CHINE
LE PRESIDENT ALASSANE OUATTARA A PRESIDE LE FORUM ECONOMIQUE IVOIRO-CHINOIS MARQUE PAR LA SIGNATURE DE 9 ACCORDS DE COOPERATION
刘艳董事长出席科特迪瓦-中国经济合作论坛并会见科特迪瓦非洲一体化部部长
中成股份：签订3.87亿欧元工程建设合同
中成股份:中成进出口股份有限公司2020年度股东大会会议文件
Le projet
PER II FERKESSEDOUGOU dry port construction project
PER II Projet de construction du port sec de FERKESSEDOUGOU
RAPPORT DE MISE EN ŒUVRE DE LA DEUXIEME PHASE DU PROGRAMME ECONOMIQUE REGIONAL (PER II) DE L’UEMOA EN CÔTE D’IVOIRE A FIN JUIN 2022, cote d'lvoire
Formation professionnelle en Côte d’Ivoire: Patrick Achi lance un projet de construction de 7 établissements d’un coût de 147 milliards de FCfa
ENSEIGNEMENT TECHNIQUE ET FORMATION PROFESSIONNELLE : UNE VOIE D’AVENIR POUR UNE INSERTION PROFESSIONNELLE REUSSIE
AMP Apri 2024 Record -- PER II FERKESSEDOUGOU dry port construction project
Feuille de Route Ministères 2023
Nouvelle dette signée - 2020 à 2022 int - ext 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.