Project ID: 1379

China Eximbank pledges $680 million loan for Halele Warabesa Dam Project

Pledged amount

$ 886526209.6

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

Ethiopia

Sector

Energy (Code: 230)

Flow type

Loan

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

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2009

2009-07-15

Planned implementation start

Description

On July 15, 2009, China and Ethiopia signed a 1.9 billion EUR deal for the construction of the Gibe IV and Halele Werabesa dams, which are expected to produce 2,150 MW. Preferential buyers’ credit and concessionary loans from China exim bank will finance 85% of the project, and the Ethiopian government will finance the remaining 15%. Including this agreement between Sino Hydro Corporation Limited and the Ethiopian Electric Power Authority, there were, at the time of writing, seven hydropower dams under construction in Ethiopia with an aggregate capacity of over 5,000 MW. The Halele Werabesa project is expected to commence construction in 2013 and to be operational in 2018 at the earliest. The project will cost between 650 and 700 million USD, including the budget for a 79 km transmission line to carry generated electric power, estimated at 2,300 GWH/year. Officials report that Ethiopia plans to export excess electric power to Sudan, Djibouti, and Kenya. According to a report by International Rivers, updated in 2013, China is no longer financing the construction of the Gibe IV dam However, China is still on line to finance Halale Werabesa with a 680 million USD loan, with Sinohydro as a contractor. An MOU was signed with Sinohydro in 2009.

Number of official sources

1

Number of unofficial sources

11

Download the dataset

Details

Cofinanced

Yes

Receiving agencies [Type]

Government of Ethiopia [Government Agency]

Implementing agencies [Type]

Ethiopia Electric Power Corporation [State-owned Company]; Government of Ethiopia [Government Agency]; SinoHydro [State-owned Company]

Loan type

No Information

Gurarantee provided

No

Insurance provided

No