China Eximbank provides RMB 370 million government concessional loan for Phase 1 of 90kV Dakar Electricity Distribution Network Rehabilitation and Extension Project (Linked to Record ID#53283)

Project narrative

On July 12, 2007, the Export-Import Bank of China and Societe Nationale d'Electricite du Senegal (SENELEC) — Senegal’s state-owned electricity company — signed an RMB 370 million government concessional loan (GCL) agreement for the Phase 1 of 90kV Dakar Electricity Distribution Network Rehabilitation and Extension Project. The loan carries the following borrowing terms: a 20 year maturity, a 5 year grace period, and a 2% interest rate. As of September 23, 2016, China Eximbank had disbursed XOF 26,026,772,582, leaving XOF 9,973,227,418 undisbursed. The project involved the construction of a 27 kilometer, 90 KV high-voltage power transmission line and four 90/30 KV transformer substations in the city of Dakar. China National Machinery and Equipment Import and Export Corporation (CMEC) was the contractor responsible for implementation. The project's proposed start date was January 1, 2006, but work did not commence until September 28, 2007. Then, an official groundbreaking ceremony took place on January 21, 2009. The project was ultimately completed and accepted by the Government of Senegal on April 29, 2016. China Eximbank also financed the second phase of this project (as captured via Record ID#53283) and provided supplemental funding through a third loan (as captured via Record ID#53178). The first phase of this project was funded by China Eximbank and it is captured via Record ID#138.