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Overview

China Eximbank provides $119.7 million preferential buyer's credit for National Road No. 58 (NR 58) Renovation Project

Commitments (Constant USD, 2023)$122,811,814
Commitment Year•2014Country of Activity•CambodiaDirect Recipient Country of Incorporation•CambodiaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 3, 2014
Start (actual)
Mar 18, 2015
End (actual)
Feb 26, 2020
First repayment
Dec 1, 2021
Last repayment
Nov 28, 2034

Geospatial footprint

Map overview

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The purpose of the project was to construct a 174.16 km road (National Road No. 58 or NR 58) that connects the Banteay Meanchey province and the Otdar Meanchey province. More specifically, the road connects the Plong intersection in Pa-ong village, Kaunkriel commune, Samrong town of Uddar Meanchey to the National Road 5 in Phsar Kandal village, Poipet town of Banteay Meanchey. More detailed locational information can be found at: https://www.openstreetmap.org/node/2145646486 and https://www.openstreetmap.org/node/458885352

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Cambodia

Implementing agencies

State-owned companies

  • Shanghai Construction Group General Co.

Loan desecription

China Eximbank provides $119.7 million preferential buyer's credit for National Road No. 58 (NR 58) Renovation Project

Grace period•7 yearsGrant element•56.0077%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

On December 3, 2014, China Eximbank and the Government of Cambodia signed a $119,751,775 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC NO.2014 (38) TOTAL NO. (332)] for the National Road No. 58 (NR 58) Renovation Project. The PBC carried the following terms: 20-year maturity, 7-year grace period, and 2% interest rate . The proceeds of the PBC were to be used by the borrower to partially finance an EPC (commercial) contract with Shanghai Construction Group (SCG). The total project cost was $122 million USD. The purpose of the project was to renovate a 174.16 km road (National Road No. 58 or NR 58) that connects the Banteay Meanchey province and the Otdar Meanchey province. More specifically, the road connects the Plong intersection in Pa-ong village, Kaunkriel commune, Samrong town of Uddar Meanchey to the National Road 5 in Phsar Kandal village, Poipet town of Banteay Meanchey. SCG was the EPC contractor responsible for implementation. Zhejiang Dacheng — a subsidiary of Zhejiang Construction Investment Group — was also involved in project implementation as a subcontractor. Guangzhou Wanna Construction Supervision Co., Ltd. was responsible for project supervision. A project commencement ceremony took place on March 18, 2015 and the road was officially opened to traffic on February 26, 2020.

Staff comments

1. This project is also known as the National Road No. 58 (NR 58) Project. The Chinese project title is 58号公路 or 浙江大成柬埔寨国家58号公路项目. 2. The Government of Cambodia’s aid and debt information management system, which is maintained on behalf of all ministries and agencies of the Royal Government of Cambodia by the Cambodian Rehabilitation and Development Board (CRDB) of the Council for the Development of Cambodia (CDC), identifies the amortization period of the loan that supported this project as 20 years; however, this appears to be a typographical error.