Active Mixed AidData Chinese Aid

China Eximbank provides $78,153,189 preferential buyer's credit for Phase 7 of Rural Grid Extension Project (Linked to Record ID#32216, #62326, #62331, #62333)

$78.15M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Cambodia
Country	Cambodia
Start Date	Nov 27, 2020
End Date	Sep 04, 2031
Duration	3,933 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92545`

Grant Description

China Eximbank provides $78,153,189 preferential buyer's credit for Phase 7 of Rural Grid Extension Project According to the Government of Cambodia’s ODA database, China Eximbank and the Government of Cambodia signed a $78,153,189 preferential buyer’s credit (PBC) agreement on November 27, 2020 for Phase 7 of Rural Grid Extension Project.

📋 Loan / Grant Terms

📅 Maturity20 years

⏳ Grace Period7 years

💹 Interest Rate2%

China Eximbank made a single loan disbursement in 2021 worth $23,445,957. The lender was originally scheduled to make additional disbursements worth $31,261,276 in 2022 and $23,445,956 in 2023.

The borrower was expected to use the proceeds of the loan to finance 95% of the cost of an EPC contract worth $82,266,515 with China National Heavy Machinery Corporation (CHMC).

The purpose of the project is to build 2,970 kilometers of medium-voltage (22kV and 35kV) electricity transmission lines, covering 133 villages in 14 provinces (Stung Treng, Kratie, Mondul Kiri, Takeo, Kampong Chhnang, Pailin, Otdar Meanchey, Kampong Speu, Tbong Khmum, Pursat, Kampong Thom, Kampong Cham, Prey Veng, Ratanak Kiri, Siem Reap).

The project also involves the construction of the Chroy Changvar substation and the access road to the substation. China National Heavy Machinery Corporation (CHMC) was the EPC contractor responsible for implementation. Project implementation officially commenced on March 2, 2021. According to the Government of Cambodia, the project had achieved a 73% completion rate as of 2022.

The originally expected project completion date was December 29, 2022.

📋 Staff Comments

This project is also known as the Expansion of Rural Electrification Project Phase 7 and the Rural Grid Extension Phase VII Project. The Chinese project title is 农村电网扩建（七期）项目 or 柬埔寨农村电网扩建（七期）项目.
In the China’s Global Energy Finance Database that Boston University's Global Development Policy Center released in mid-2022, the face value of this China Eximbank loan is identified as $80 million. AidData relies on the precise face value of the loan ($78,153,189) that is recorded by Cambodia’s Ministry of Planning and by the Government of Cambodia’s ODA Database.
China Eximbank loans for previous phases of this project are captured via Project ID#32216, #62326, #62331, and #62333.

📚 Sources & References

盘点：口行2020年与这些国家签署了项目贷款协议
进出口银行与柬埔寨经济财政部签署农村电网扩建（七期）项目贷款协议
Government to power-up 133 villages
Export-Import Bank and Cambodia sign loan agreement for power grid project
PROJECT INFORMATION SHEET: Expansion of Rural Electrification Project Phase 7
Project/Program Information and Implementation Arrangements: Rural Grid Extension Phase VII
Chinese loan to light up 133 villages in Cambodia
China Provides Loan To Light Up 133 Villages In Cambodia
China’s Global Energy Finance in the Era of COVID-19
RURAL GRID EXTENSION PHASE VII PROJECT
CAMBODIA
China to Fund Three More Major Infrastructure Developments in Cambodia
China Extends $140M Grant Aids on Cambodia’s Top Development Projects
China Provides US$80 million Loan to Light Up 133 Villages in Cambodia
China will aid Cambodia with US$80 million loan to build transmission grid
Provincial Guideline 2022
Rural Grid Extension Phase VII Project/Program Information and Implementation Arrangements, 2024 ANNUAL REPORT 年度报告 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.