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CDB provides EUR 28 million loan for 117 km Mekenajo-Dembidolo Road Upgrading Project
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | China Hyway Group Limited Mocamedes Railway Project Company |
| Country | Ethiopia |
| Start Date | Jan 01, 2012 |
| End Date | Oct 18, 2030 |
| Duration | 6,865 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 96153 |
Grant Description
CDB provides EUR 28 million loan for 117 km Mekenajo-Dembidolo Road Upgrading Project In 2012, the Tianjin Branch of China Development Bank provided an EUR 28 million loan to China Hyway Group Limited (中国昊远集团) for the 115 km Mekenajo-Dembidolo Road Upgrading Project.
However, it is known that the borrower purchased a credit insurance policy from Sinosure.
It is also known that the borrower was expected to use the proceeds of the loan to partially finance a commercial contract with the Ethiopian Roads Authority (ERA), which was signed on June 3, 2011. The purpose of the project was to upgrade a 117 km road that runs from Mekenajo to Dembidolo.
The road project consisted of two segments: the upgrading of the 52.06 km Mekenajo to Ayra road segment, which starts in Mekenajo Town and ends in Ayra, branching off from Addis Ababa-Nekemte-Gimbi-Assosa main road at 456 km from the capital, Addis Ababa; and the upgrading of 65.5 km Chanka-Dembidolo road segment, which starts at Chanka Town and traverses in the westerly direction until it reaches Dembidolo.
Project implementation commenced on October 7, 2011.
The upgrading of the Mekenajo-Ayra (53 km) road segment segment was originally expected to reach completion on April 4, 2014 and the upgrading of the Chanka-Dembidolo (63 km) road segment was originally expected to reach completion on April 3, 2014. However, the project faced cost overruns and implementation delays.
The road was ultimately completed and opened to traffic on July 28, 2016.
Staff Comments
- The Chinese project title is 埃塞Mekenajo-Dembidolo公路项目.
- The two road segment were supported by two separate commercial contracts (or one contract with two components) signed by China Hyway Group Limited and ERA on June 3, 2011: an ETB 633.53 million contract (or contract component) for the 52.06 km Mekenajo to Ayra road segment and an ETB 648.55 million contract (or contract component) for the 65.5 km Chanka-Dembidolo road segment.
Sources & References
- 武鑫 权益合伙人
- 武鑫-中伦律师事务所
- Mekenajo-Dembidolo Road Project of Ethiopia Officially Launched
- IMPLEMENTATION COMPLETION AND RESULTS REPORT
- 稳定是发展的关键
- 同心协力避风险 互利互赢谋发展
- Work Together to Avoid Risks and Seek Development via Win-win Cooperation
- Liu Daiwen, the Chairman of Hyway Group
- Received Exclusive Interview of China Daily 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.
All Grantees
China Hyway Group Limited Mocamedes Railway Project Company
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