CHEC provides loan — via deferred payment arrangement — for Extension and Dredging Works of Berths 17 and 18 at Port Sudan Project

📋 Staff Comments

1. This project is also known as the Port Sudan New Container Terminal and Dredging Project. The Chinese project title is 17-18號泊位延長段及疏浚工程 or 苏丹港17/18号码头.
2. In a typical receivables financing agreement (or deferred payment agreement), the company that the project owner in the host country has selected as its engineering, procurement, and construction (EPC) contractor is also a lender to the project owner. The company assigns receivables under its EPC contract with the project owner to one of or more banks. Upon assignment of receivables, the bank or banks will release funds to the company so it can discharge its obligations under the receivables financing agreement as a lender. Receivables financing is also known as accounts receivable financing (finance) or A/R financing (finance) or 应收账款融资 (in Chinese). These other terms are used because the accounts receivable of a company (i.e., unpaid invoices) are being used as collateral to unlock working capital—typically in the form of a bank loan (‘receivables loan’). Sellers often face cash flow problems when their buyers do not make full payment at the due date of the invoice. A receivables financing arrangement addresses this problem by allowing them to sell their outstanding invoices to a bank at a discounted rate. This approach allows the seller to receive the remaining invoice amount before the due date of the invoice. The bank either gets its money back at invoice maturity through the seller (acting as a collecting agent) or directly from the debtor.
3. In Chinese, a deferred payment agreement is known as《延期付款协议》.
4. The face value of the deferred payment agreement is unknown. For the time being, AidData assumes that it is equivalent to 85% of the value of the EPC contract ($110 million).
5. SPC Contact: Mr. Jalal Eldin. M.A. Shelia (General Manager) Tel: +249912308514 Email: [email protected]; [email protected]; [email protected].
6. Sea Ports Corporation (SPC) is an independent state corporation of Sudan that governs, constructs and maintains the ports, harbors and lighthouses of Sudan. The company was founded in 1974 by the government of Sudan to be the national port operator and port authority.
7. This loan is omitted from the SAIS-CARI database of Chinese loan commitments that was released in July 2020.

📚 Sources & References

• 中國港灣：乘大勢深耕細作勇爭先 謀發展高端引領快轉型 原文網址：https://read01.com/aAnjddx.html
• 苏丹港新集装箱码头及疏浚工程项目管理实践_参考网
• 中国港湾副总经理、东非区域管理中心总经理吴迪： 中国与非洲：生命共同体，致富带头人
• 中国港湾：乘大势深耕细作勇争先 谋发展高端引领快转型, 【港湾出海记】40年·40项目丨苏丹港新集装箱码头及疏浚项目
• 苏丹港新集装箱码头及疏浚项目基本竣工
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• Sudan National Report - Implementation of Istanboul Plan of Action for Least Developed Countries (IPoA) 2011-2020
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• CCCC-FHDI 1 أغسطس 2011 م بسم الله الرحمن الرحيم جمهورية السودان وزارة النقل هيئة الموانئ البحرية SEA PORTS CORPORATION.
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