Project ID: 1235

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

Commitment amount

$ 156143510.1

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.

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Namibia

Sector

Trade policies and regulations (Code: 330)

Flow type

Export Buyer's Credit

Concessional

Vague

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Suspended (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2007

Geography

Description

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.

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 unofficial sources

8

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Namibia [Government Agency]

Implementing agencies [Type]

China Harbour Engineering Co., Ltd. [State-owned Company]

Loan type

No Information

Gurarantee provided

No

Insurance provided

No