China Eximbank provides EUR 267.75 million buyer’s credit loan for Bata Port Rehabilitation and Expansion Project (Linked to Project ID#484)
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Transport and storage (Code: 210)
Export Buyer's Credit
In 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion oil-backed buyer’s credit facility agreement for various infrastructure projects (captured in Project ID#484). All subsidiary loans approved under this facility agreement carry the following terms: a 5.5% interest rate, 5 year maturity, and 2 year grace period.Then, in 2007, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for the Bata Port Rehabilitation and Expansion Project. The proceeds of the loan were used by the borrower to finance an EUR 315 million commercial (EPC) contract with CCCC First Harbor Engineering Co. Ltd, which was signed on April 2, 2007. The estimated face value of loan is EUR 267.75 million (since other subsidiary buyer’s credit loans that were approved through the $2 billion oil-backed buyer’s credit facility were use to finance 85% of commercial contract costs). This project involved the restoration of an existing wharf, the construction of a new wharf and breakwater, and the acquisition and installation of machinery at the Port of Bata.CCCC First Harbor Engineering Co. Ltd -- a wholly owned subsidiary of China Communications Construction Co. Ltd. — was the contractor responsible for implementation. The project commenced on August 6, 2008 and it was completed in December 2014. It was officially inaugurated on July 30, 2019.
The Chinese project title is 赤道几内亚巴塔港 or 巴塔港改扩建工程 or 的赤几巴塔港一期和二期改扩建工 or 赤道几内亚巴塔港扩改建工程. The Spanish project title is Rehabilitación y Ampliación del Puerto de Bata. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. AidData is not able to identify the face values of all subsidiary loans approved through this $2 billion oil-backed buyer’s credit facility agreement (captured in Project ID#484). Therefore, to effectively approximate the total amount of debt issued through the $2 billion oil-backed credit facility agreement and eliminate the risk of double-counting, AidData records the full value of the $2 billion oil-backed credit facility agreement but it does not record transaction amounts for the individual subsidiary loans approved through this facility agreement.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Equatorial Guinea [Government Agency]
Implementing agencies [Type]
CCCC First Harbor Engineering Company Ltd. [State-owned Company]; China Road & Bridge Corporation (CRBC) [State-owned Company]; Government of Equatorial Guinea [Government Agency]
The buyer's credit loans under the $2 billion USD facility were secured via deposit accounts opened by Government of Equatorial Guinea in China Eximbank. The Government of Equatorial Guinea deposited the proceeds from hydrocarbon exports into these accounts.A repayment guarantee equivalent to 30 percent (minimum) of the outstanding stock of debt was required to be in the accounts at all times.