ICBC provides CFA 54.8 billion loan for 231 km Odienne-Mali and Guinea Border Road Construction Project (Linked to Record ID#92286)

ICBC provides CFA 54.8 billion loan for 231 km Odienne-Mali and Guinea Border Road Construction Project On August 31, 2018, the Industrial and Commercial Bank of China (ICBC) and the Government of Cote d'Ivoire signed a CFA 79,620,592,995.34 loan agreement (captured via Record ID#92286) for the 231 km Odienne-Mali and Guinea Border Road Construction Project.

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), ICBC made an initial loan disbursement of CFA 3,192,444,584 through this loan agreement on December 31, 2019.

Additionally, according to the AMP, a loan — or bond issue contract (‘Contrat d'émission d'obligation’) — worth CFA 54,889,800,876.63 was issued by ICBC London to the Government of Cote d’Ivoire on December 13, 2018 in support of the 231 km Odienne-Mali and Guinea Border Road Construction Project.

This loan (captured via Record ID#92308) achieved a 100% disbursement rate, with ICBC London issuing a single disbursement worth CFA 54,889,800,877 on January 2, 2019. The Government of Cote d'Ivoire also agreed to provide CFA 3.193 billion of counterpart financing for the project.

The purpose of the project is to construct the 231 km Odienne-Mali and Guinea border road (including the including the Salonkourani, Kaniasso, and Kuban ramps).

The road consists of two sections: the Odienné-Mali border section (Pk42+000 to Pk 57+00) and the Kimbirilla Sud-Minignan section (Pk0+00 section to Pk 5+000).

It passes through the following localities: Odienné, Kimbirila-Sud, Samatiguila, Iradougou, Salonkourani, Kaniasso, Nola, Kéré, Minignan, Tienny, Djoronzo, Nafadougou, Kabangoue, Kemissiga, North Kimbirila, and Tiefinzo. China Harbour Engineering Co., Ltd. (CHEC) is the contractor responsible for project implementation.

Its work is being supervised by Bureau National d'Études Techniques et de Developpement (BNETD).

On June 1, 2019, CHEC began constructing living accommodations for construction workers at the project site (in Kimbirila-Sud, Kabangoué and Minignan).

Then, on June 6, 2019, CHEC submitted a set of project design plans to BNETD for the Odienné-Mali border section and the Kimbirilla Sud-Minignan section. Construction began on March 2, 2020. According to the AMP, as of January 6, 2021, payment delays to CHEC had led to implementation delays.

Five months later, on May 31, 2021, the Government of Cote d’Ivoire called upon CHEC to respect the project execution schedule specified in its contract.

Then, on March 4, 2022, the AMP noted that CHEC was running 15 months behind schedule due to insufficient equipment (including graders, compactors, hydraulic shovels and dump trucks) and a lack of control of earthworks.

The AMP also noted that the Government of Cote d’Ivoire had authorized the reassignment of the two road sections to new contractors. As of June 2022, the project had achieved 33% physical completion rate. By November 21, 2024, the project had achieved a 74.41% physical completion rate. The project's originally scheduled project completion date was February 15, 2023.