[Suspended] China Eximbank offers $100 million preferential buyer’s credit for Walvis Bay Port Expansion Project (Linked to Umbrella Project #62351)
Constant 2017 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Trade policies and regulations (Code: 330)
Export Buyer's Credit
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 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, the China Eximbank PBC that was going to support this project was reportedly suspended in 2009. However, the African Development Bank did provide 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.
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
Number of unofficial sources
Receiving agencies [Type]
Government of Namibia [Government Agency]
Implementing agencies [Type]
China Harbour Engineering Co., Ltd. [State-owned Company]