China Eximbank offers $100 million preferential buyer’s credit for Walvis Bay Port Expansion Project (Linked to Umbrella Project #62351)

On February 5, 2007, President of China, Hu Jintao, pledged that China Eximbank would provide a $100 million preferential buyer's credit (PBC) for the Walvis Bay Port Expansion Project. The purpose of this project was to expand the Walvis Bay container terminal. The Port of Walvis Bay is operated by the Namibian Port Authority (Namport) and serves as a gateway linking some of southern Africa’s major trading regions to international markets. The purpose of this project was to raise the container throughput capacity from 355,000 TEUs to 1,005,000 TEUs was initiated in response to increased trade-related traffic volumes. The project scope involved the construction of a new container terminal on reclaimed land from the Walvis Bay channel supported by complementary initiatives on logistics and capacity building. However, in July 2009, the Permanent Secretary in the Ministry of Finance of Namibia, Calle Schlettwein, reported that Namibia would not be making use of the China Eximbank PBC offer. The African Development Bank provided a $300 million loan for the project and China Harbor Engineering Co (CHEC) was the contractor responsible for implementation. This project was successfully completed and handed over to the authorities on August 2, 2019.

Additional details

During the same official visit to Namibia, President Hu Jintao made a number of other financial pledges (see Umbrella Project ID#62351).

Number of official sources

7

Number of total sources

15