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Overview

PowerChina provides $479 million supplier’s credit for Dream City Project

Commitments (Constant USD, 2023)$494,200,500
Commitment Year•2020Country of Activity•GuineaDirect Recipient Country of Incorporation•GuineaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 20, 2020

Geospatial footprint

Map overview

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The purpose of the public-private partnership (PPP) project is to construct 4,256 housing units in the communes of Lambanyi and Sonfonia on the outskirts of the capital city of Conakry. More detailed locational information can be found at https://www.openstreetmap.org/node/2272477791 and https://www.openstreetmap.org/node/2272477829.

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 companies

  • Sinohydro Corporation Limited

Receiving agencies

Private Sector

  • La Société de Gestion et de Construction Guinée (SGCG-SA)

Implementing agencies

State-owned companies

  • Sinohydro Corporation Limited

Loan description

PowerChina provides $479 million supplier’s credit for Dream City Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On November 20, 2020, Power Construction Corporation of China (PowerChina) -- a wholly state-owned enterprise administered by the State-owned Assets Supervision and Administration Commission -- and La Société de Gestion et de Construction Guinée (SGCG-SA) signed a $479 million supplier’s credit (pre-financing) agreement for the Dream City Project. The borrowing terms of the loan are unknown. The purpose of the public-private partnership (PPP) project is to construct 4,256 housing units in the communes of Lambanyi and Sonfonia on the outskirts of the capital city of Conakry. Construction has commenced and was originally expected to last for 60 months. However, the precise project commencement date is unknown. An amendment to the PPP agreement was signed by PowerChina, SGCG-SA, and the Government of Guinea in January 2025.

Staff comments

1. This project is also known as the Kobaya Tayaki Housing Project. The Chinese project title is 几内亚科巴亚塔亚奇及松弗尼亚住房项目. 2. La Société de Gestion et de Construction Guinée (SGCG-SA) is a company under Guinean law with its headquarters in Conakry, in the Koloma district in the commune of Ratoma. Founded by Elhadj Bailo Sow in June 2015 and amended on May 31, 2018, the date on which it took the form of a Public Limited Company with a capital of 140,000,000.000 GNF, SGCG-SA is registered in the trade and personal property credit register under number NO FORMALITE / RCCM / GN-TCC-2023.M2.02178 of February 2, 2023