Project ID: 30087

China Eximbank provides RMB 200 million government concessional loan for Cape Coast Kotokuraba Market Project

Commitment amount

$ 32289256.33

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Ghana

Sector

Other multisector (Code: 430)

Flow type

Loan

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-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

2012

Implementation

2014

2014-10-01

Actual start

Completion

2016

2016-11-29

Actual

Description

On November 22, 2012, the China Eximbank and the Government of Ghana signed an RMB 200 million government concessional loan (GCL) agreement for the Cape Coast Kotokuraba Market Project. The GCL carried the following terms: 20 year maturity, 5 year grace period, 2% interest, and a 0.75% commitment fee. The final maturity date of the GCL is September 21, 2031. According to the terms of the loan agreement with China Eximbank, the borrower was to use the proceeds from the operation of the new Kotokuraba Market to repay the loan. A special account was established at the Bank of Ghana where the proceeds from the operation of the new Kotokuraba Market could be deposited and accessed by China Eximbank. The proceeds from the GCL were also on-lent from the Government of Ghana to Cape Coast Metropolitan Assembly (CCMA), a Ghanaian state-owned enterprise. To this end, a subsidiary loan agreement was signed by the Government of Ghana and CCMA on January 24, 2013. This subsidiary loan also carried an 2% interest rate, and according to the terms of the subsidiary loan agreement, CCMA is responsible for repaying the Government of Ghana the disbursed principal amount of the loan in semi-annual installments commencing on the first payment date in 2017 and ending on the last date of payment in 2042. The Cape Coast Kotokuraba Market Project involved the construction of an ultramodern market that can accommodate 750 shops. The project also involved the construction of a 200-capacity car park, surface and overhead water tanks, a solar system for emergency lighting, a generator set, public address systems, and CCTV security cameras. A fire hydrant was also installed to deal with the outbreaks of fire. China Railway Construction Engineering Group was the contractor responsible for implementation. Construction began in October 2014 and the market was handed over on November 29, 2016. According to the Government of Ghana’s Development Cooperation Management Information System (DCMIS), 82.5% ($26,475,861.53) of the original loan commitment amount ($32,060,000) was ultimately disbursed.

Additional details

This project is also known as the Kotokuraba Market Redevelopment Project. The Chinese project title is 海岸角市场改造项目 or 海岸角Kotokuraba市场改造项目 or 中铁建工加纳市场改造项目.

Number of official sources

10

Number of unofficial sources

4

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Details

Cofinanced

No

Receiving agencies [Type]

Cape Coast Metropolitan Assembly (CCMA) [Government Agency]

Implementing agencies [Type]

China Railway Construction Engineering Group (CRCEG) [State-owned Company]; Government of Ghana [Government Agency]

Loan type

Concessional

Maturity

20 years

Interest rate

2.0%

Grace period

5 years

Commitment fee

0.75

Grant element

53.10116182%

Gurarantee provided

No

Insurance provided

No