China Eximbank offers $100 million preferential buyer’s credit for Walvis Bay Port Expansion Project (Linked to Umbrella Project #62351)
Adjusted pledged amount
Constant 2021 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 (China Eximbank) [State-owned Policy Bank]
Transport and storage (Code: 210)
Level of public liability
Central government debt
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.
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 total sources
Direct receiving agencies [Type]
Government of Namibia [Government Agency]
Implementing agencies [Type]
China Harbour Engineering Co., Ltd. (CHEC) [State-owned Company]