Completed Mixed AidData Chinese Aid

China Eximbank provides $257 million buyer’s credit loan for 120MW Djibloho Hydropower Station Project (Linked to Record ID#62082, #62127, #484)

$257.02M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Equatorial Guinea
Country	Equatorial Guinea
Start Date	Jan 01, 2007
End Date	Nov 09, 2032
Duration	9,444 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`995`

Grant Description

China Eximbank provides $257 million buyer’s credit loan for 120MW Djibloho Hydropower Station Project On November 16, 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion buyer’s credit facility agreement (互惠贷款) for various infrastructure projects.

📋 Loan / Grant Terms

💰 Loan Amountfacility agreement carry the following terms: a 5

📅 Maturity5 years

⏳ Grace Period2 years

💹 Interest Rate5.5%

The subsidiary buyer's credit loans under the $2 billion facility were secured with (i.e. collateralized against) minimum cash balances in an escrow account opened by Government of Equatorial Guinea in China Eximbank.

Under the original terms of an Account Settlement and Financing Agreement (Convenio de Liquidacion de cuentas y Financiamiento) that the parties signed on February 17, 2006, the minimum cash balance requirement was reportedly equivalent to 30 percent of the Government of Equatorial Guinea's outstanding stock of debt to China Eximbank.

After the Account Settlement and Financing Agreement was amended on March 26, 2010, the borrower was expected -- at any given point in time -- to maintain a minimum cash balance in the escrow account (also known as 赤道几内亚共和国财务预算部) equivalent to the value of its next set of semi-annual principal, interest, and fee payment obligations to the lender.

The borrower was also expected to deposit the cash proceeds from its oil export sales (crude oil sales revenue) to China into a payment reserve account (also known as 还款准备金 or 赤道几内亚共和国财务预算部还款准备金).

More specifically, the borrower was expected to deposit the cash proceeds from six oil cargoes into the payment reserve account.

In 2007, China Eximbank and the Government of Equatorial Guinea signed a $257,0189,50.60 subsidiary buyer’s credit loan agreement for the 120MW Djibloho Hydropower Station Project.

The proceeds of the loan were used by the borrower to finance a $257,0189,50.6 commercial (EPC) contract between Sinohydro Corporation and the Ministry of Mining, Industry and Energy of Equatorial Guinea, which was signed on March 13, 2007.

The project involved the construction of a 120 MW hydropower station (with four 30 MW generators) and a 22-meter high and 274-meter long concrete gravity dam, which is located in the middle of the Wele-Nzas (or Wele) River near Djibloho.

It is the largest hydropower station in Equatorial Guinea and it has satisfied 90% of the country's continental electricity needs since its completion.

Yellow River Engineering Consulting Co. was the contractor responsible for project design, and Sinohydro Corporation was the contractor responsible for project implementation. CMEC also appears to have been involved in the project (mostly likely as a subcontractor). Construction began on March 15, 2008.

Then, in December 2008, a foundation-laying ceremony took place. Power generation began on October 15, 2011 and an inauguration ceremony was held on October 10, 2012.

📋 Staff Comments

This project is also known as the 120MW Djiploho Hydropower Station Project or the 120MW Giblau Hydropower Station Project. The Spanish project title is Centrale hydroélectrique de Djibloho. The Chinese project title is 中水电承建的吉布劳水电站 or 赤道几内亚吉布洛水电站项目.
The loan's face (commitment) value is recorded in the Ministry of Finance Statements on Equatorial Guinea's External Debt Situation (see https://www.dropbox.com/scl/fi/20hjuaclx0huk36o4oqnf/Ministry-of-Finance-Statements-on-Equatorial-Guinea-s-External-Debt-Situation-2009-2019.xlsx?rlkey=sj7qii1zooaiwdi649d1yri1k&dl=0).
This China Eximbank-financed project is closely related to two other China Eximbank-financed projects: the Djibloho Power Transmission and Transformation Project (as captured via Record ID#62082) and the Djibloho Regulating Reservoir Project (as captured via Record ID#62127).

📚 Sources & References

Copy of CMEC INTRODUCTION
Massive presence of the population at the inauguration of the Hydroelectric Plant of Djibloho
La cooperación sino-ecuatoguineana en mis ojos(2018-04-08)
Equatorial Guinea
Equatorial Guinea Inaugurates New High-Capacity Power Plant In Djibloho
Chinese-built hydropower project to boost Equatorial Guinea economy: president
Beyond the Marshall Plan: A Global Structural Transformation Fund
Development Finance Institutions Jointly Support the Belt and Road Initiative, テーマ別評価「評価結果の横断的分析エネルギー分野における実践的なナレッジ教訓の抽出」報告書
Equatorial Guinea
Djiploho Hydropower Plant
Perspectives on Financing & Delivering Hydropower Schemes in Ethiopia
太平湾培训系统已接受赤道几内亚吉布洛水电站人员
中国水电建设集团国际工程有限公司与赤道几内亚政府签署2.57亿美元水电站建设项目合同
赤几吉博劳水电站举行竣工典礼
China's Global Energy Finance
经济及市场环境
Great walls over African rivers: Chinese engagement in African hydropower projects
严小敏大使夫妇到赤几大陆地区慰问承建赤几吉布劳水电站工地的中国水电建设集团的工程技术人员
赤道几内亚吉布洛水电站项目
中国企业承建赤道几内亚“三峡工程”照亮千万家（2016-10-27）
跟踪报道——建设中的赤道几内亚吉布劳水电站
中企为赤几建首个调蓄水库以提高枯水季水电站发电能力（2016-05-31）
非洲最大的水电站项目筹备工作启动
赤道几内亚吉布洛上游调蓄水库工程竣工移交
赤道几内亚总理视察集团吉布洛水电站
赤几工业能源部部长视察吉布洛水电站
赤道几内亚吉布洛水电站
水电六局承建的赤道几内亚吉布洛水电站精彩亮相中非合作论坛, http://www.sinomach.com.cn/templates/T_news_en/content.aspx?nodeid=252&page=ContentPage&contentid=2889, http://www.sinomach.com.cn/templates/T_news_Details/content.aspx?nodeid=19&contentid=1458, http://www.focac.org/eng/zxxx/t832788.htm, http://www.internationalrivers.org/resources/china-overseas-dams-list-3611, http://eng.sinohydro.com/en/idems/newsShow.asp?ArticleID=139&ClassID=2, http://global.factiva.com/aa/?ref=PRN0000020121012e8ac0005g&pp=1&fcpil=en&napc=S&sa_from=
Eastern Promises: New Data On Chinese Loans in Africa, 2000 to 2014
Republic of Equatorial Guinea: 2010 Article IV Consultation
China-Africa Trade and Economic Cooperation Special
走进非洲｜进出口银行的赤道几内亚足迹
China Overseas Dam List
Independent Power Projects in Sub-Saharan Africa
Proyectos Línea de Crédito Chino LCC
Ministry of Finance Statements on Equatorial Guinea's External Debt Situation, 2009-2019 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.