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Overview

China Eximbank provides $36.3 million preferential buyer's credit loan for National Road 1577 (NR 1577) Rehabilitation Project

Commitments (Constant USD, 2023)$37,229,016
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
Jan 1, 2014
Start (actual)
Nov 2, 2015
End (actual)
Apr 2, 2018
First repayment
Dec 30, 2020
Last repayment
Dec 27, 2033

Geospatial footprint

Map overview

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The purpose of the project was to rehabilitate a 51.798 km segment of National Road 1577 (NR 1577), which runs from Rattanak Mondul District in Battambang Province to Samlot District within Battambang Province (near the Thai-Cambodia border). More detailed locational information can be found at: https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=12.6200%2C102.8500%3B11.5600%2C104.9200#map=9/12.3088/103.8860

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

  • Cambodian Ministry of Economy and Finance

Implementing agencies

State-owned companies

  • China Road & Bridge Corporation (CRBC)

Loan desecription

China Eximbank provides $36.3 million preferential buyer's credit loan for National Road 1577 (NR 1577) Rehabilitation 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 June 9, 2015, China Eximbank and the Government of Cambodia's Ministry of Economy and Finance signed a $36,301,400 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC NO.2014 (39) TOTAL NO. (333)] for the National Road 1577 (NR 1577) Rehabilitation 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 China Road & Bridge Corporation (CRBC). The purpose of the project was to rehabilitate a 51.798 km segment of National Road 1577 (NR 1577), which runs from Rattanak Mondul District in Battambang Province to Samlot District within Battambang Province (near the Thai-Cambodia border). CRBC was the EPC contractor responsible for implementation. Construction started on November 2, 2015 and the road was completed on April 2, 2018. An evaluation report published by the Government of Cambodia’s MPWT in 2012 examined 14.55 km of NR1577. It determined that 12.4 km of the 14.55 km was in 'Poor' or 'Very Poor' condition and thus in need of rehabilitation.

Staff comments

1. This project is also known as the National Road 1577 (NR 1577) Project. The Chinese project title is 1577号公路. 2. The China Eximbank loan that supported the project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020. 3. 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 interest rate associated with this loan as being variable; however, this appears to be a typographical error.