Project ID: 2452

China Eximbank provides $29.9 million USD buyer’s credit loan for Blue Nile Agricultural Rehabilitation Project (Linked to Umbrella #57039)

Commitment amount

$ 36138131.35

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Sudan

Sector

Agriculture, forestry, fishing (Code: 310)

Flow type

Export Buyer's Credit

Concessional

No

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

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2010

Completion

2012

2012-06-15

Actual

Geography

Description

On 29 July 2008, China Eximbank and the Government of Sudan signed a $3 billion USD oil-backed master framework agreement (or line of credit) to finance various infrastructure projects (see Umbrella Project ID#57039). This resources-credit cooperation package is backed by future revenues from the sale of oil exports. Each subsidiary buyer’s credit loan (BCL) issued through the framework agreement carries a 15-year maturity and 5.6% interest rate.One of the subsidiary loans approved through this agreement in 2010 was a $29.9 million BCL for the Blue Nile Agricultural Rehabilitation Project (See: Chinese Loans to Africa Database). The proceeds from this BCL were used to finance a commercial contract signed 3 January 2010 with China CAMC Engineering Co., Ltd.. This project involved the provision of construction machinery, water pumps, sprinkling irrigation equipment, dredgers and channel gate materials for the rehabilitation of the 150,000 hectare irrigation area along the bank of the Blue Nile River in Sudan’s Sinnar (Sennar or سنار) State. It was officially completed and handed over to the local authorities on 15 June 2012.

Additional details

This project is also known as the Blue Nile Agricultural Improvement and Electrification Project and the Blue Nile Scheme Rehabilitation Project. The Chinese project title is 的农业改造项目 or 苏丹青尼罗灌区复兴项目 (See: 我企业在苏丹签订一重要的农业改造项目).

Number of official sources

6

Number of unofficial sources

3

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Sudan [Government Agency]

Implementing agencies [Type]

China National Construction & Agricultural Machinery Import & Export Corporation (CAMC) [State-owned Company]; Sudan Ministry of Water Resources, Irrigation and Electricity [Government Agency]

Loan type

Non-Concessional

Maturity

15 years

Interest rate

5.6%

Grant element

19.82670511%

Gurarantee provided

No

Insurance provided

No

Collateralized/securitized

Yes

Collateral

Future revenues from the sale of oil exports