Completed Mixed AidData Chinese Aid

ICBC provides CFA 46.6 billion loan for Korhogo Stadium Construction Project (Linked to Record ID#60790 and Record ID#92251)

$77.67M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Government of Côte d'Ivoire (Ivory Coast)
Country	Cote d'Ivoire
Start Date	Aug 31, 2018
End Date	Feb 28, 2030
Duration	4,199 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92249`

Grant Description

ICBC provides CFA 46.6 billion loan for Korhogo Stadium Construction Project On August 31, 2018, ICBC and the Government of Cote d'Ivoire signed a CFA 46,600,243,541.99 loan agreement for the Korhogo Stadium Construction Project.

📋 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 the Government of Cote d'Ivoire and China National Building Material Group Co., Ltd. (CNBM), which was signed in March 2018.

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), the CFA 46,600,243,541.99 loan had achieved a 95% disbursement rate (CFA 44,309,365,638.48 out of CFA 46,600,243,541.99) as of December 31, 2022.

ICBC made 7 disbursements between 2019 and 2022: a CFA 4,082,738,500 disbursement on December 31, 2019, a CFA 7,503,089,128 disbursement on January 31, 2020, a CFA 2,043,067,044 disbursement on February 28, 2020, a CFA 12,405,209,200.37 disbursement on June 30, 2021, a CFA 10,221,068,705 disbursement as of July 31, 2022, a CFA 4,613,413,768 disbursement as of July 31, 2022, a CFA 4,613,413,768 disbursement as of September 30, 2022, and a CFA 3,440,779,293.11 disbursement as of December 31, 2022.

According to the Government of Côte d'Ivoire’s AMP, a second loan — or bond issue contract (‘Contrat d'émission d'obligation Petrus’) — worth CFA 15,312,691,693.94 was issued by ICBC London to the Government of Cote d’Ivoire on December 13, 2018 in support of the San Pédro Stadium Construction Project and the Korhogo Stadium Construction Project.

As of December 31, 2022, this loan (captured via Record ID#92251) had not disbursed.

The purpose of the Korhogo Stadium Construction Project was to construct a 20,000-seat stadium in the town of Korhogo (with a parking lot to accommodate 2,000 vehicles and water, sanitation, electricity, and fiber optic infrastructure), construct a 3-star hotel with 50 beds, construct 32 (4x8) villas (with 5 rooms each) to support 4 teams, and either construct or rehabilitate training grounds for athletes and local high schools (including the Dominique Ouattara high school stadium and the Houphouetboigny high school stadium).

Upon completion, the 20,000-seat stadium (exact coordinates: 9.409722, -5.628889) was expected to host the 2023 Africa Cup of Nations.

China National Building Material Co., Ltd. (CNBM) was the general EPC contractor responsible for project implementation. However, Metallurgical Corporation of China (MCC) was also involved (most likely as a subcontractor). Construction began on or around May 19, 2019. However, the project faced multiple problems and delays due to the COVID-19 pandemic.

Construction was at a standstill for much of 2020. It finally resumed in the last quarter of 2020.

Project implementation also suffered from insufficient manpower (only 250 workers). 400 additional workers from China did not arrive until November 2020.

Project implementation delays also resulted from the Government of Cote d'Ivoire not paying CNBM in a timely manner (upon receipt of invoices). The project was originally scheduled to reach completion by May 13, 2021. However, as of April 2022, the project had only achieved a 70% completion rate.

The project ultimately reached completion in September 2023 and the facility was named the 'Amadou Gon Coulibaly Stadium.'

📋 Staff Comments

The French project title is Projet de construction du stade de KORHOGO.
The ICBC loan for the Korhogo Stadium Construction Project is not included in the Chinese Loans to Africa (CLA) database that is managed by the Global Development Policy Center at Boston University and SAIS-CARI.
The system identification number for the CFA 64,767,380,324 ICBC loan in the Government of Côte d'Ivoire’s Aid Management Platform (AMP) is 1120071329392. The AMP system identification number for the CFA 15,312,691,693.94 loan (bond issue contract) from ICBC London is 1120071330047.
According to the World Bank's Debtor Reporting System (DRS), the weighted average grace period of all ‘private’ sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 3.1886-years in 2018. AidData estimates the grace period of the CFA 46.6 billion loan from ICBC that supported the Korhogo Stadium Construction 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 5. According to the World Bank's Debtor Reporting System (DRS), the weighted average maturity of all ‘private’ sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 13.4299-years in 2018. AidData estimates the maturity of the CFA 46.6 billion loan from ICBC that supported the Korhogo Stadium Construction 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 6. According to the World Bank's Debtor Reporting System (DRS), the weighted average interest rate of all ‘private’ sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 3.6845% in 2018. AidData estimates the interest rate of the CFA 46.6 billion loan from ICBC that supported the Korhogo Stadium Construction 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

KORHOGO_CAN 2023 stadium construction project
Projet de construction du stade de KORHOGO_CAN 2023 Export To PDF
STADE DE KORHOGO (CÔTE D’IVOIRE)
CAN 2021 : Les travaux totalement attribués
CAN 2023: 50 milliards pour le stade du « Poro » de Korhogo
CAN 2023 EN CÔTE D'IVOIRE : La Chine, maître d'œuvre des stades.
Infrastructures: Le Premier Ministre sur le chantier du stade de Korhogo
Petrus Bond Issuance Contract (KORHOGO and SAN PEDRO Stadiums)_ICBC London
Côte d'Ivoire - Démarrage officiel des travaux de construction du stade de Korhogo (CAN 2023)
CAN 2021: Les travaux du stade de Korhogo et de San Pedro démarrent en septembre
Attributions des marches de la CAN 2021: La Chine, le Portugal et la France sont a l'honneur
Contrat d'émission d'obligation Petrus (Stades de KORHOGO et de SAN PEDRO)_ICBC Londres
Projet de construction du stade de KORHOGO_CAN 2023
Contrat d'émission d'obligation Petrus (Stades de KORHOGO et de SAN PEDRO)_ICBC Londres
CAF Inspection Team to visit San Pedro
Korhogo
Bouake and Yamoussoukro
Inauguration of the Laurent Pokou Stadium in San Pedro a major milestone in TotalEnergies AFCON 2023 preparations
KORHOGO Stadium Construction Project_CAN 2023 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.