China Eximbank signs $600 million oil-backed loan framework agreement for infrastructure projects (Linked to Project ID#60219, ID#59273)
Constant 2017 USD
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This project is classified as an "umbrella" project, and is connected to related projects.
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Other multisector (Code: 430)
On March 29, 2013, China Eximbank and the Republic of Congo signed a $600 million loan framework agreement — also known in the Republic of Congo as the “strategic partnership 3” (“partenariat stratégique 3”) — that allowed the Republic of Congo to obtain China Eximbank loans for infrastructure projects through a securitization mechanism: Société Nationales des Pétroles Congolais (SNPC)—the country’s state-owned oil company—agreed to deposit a portion of the cash proceeds from its oil exports into an escrow account that is controlled by China Eximbank. The borrower was required to keep a minimum deposit balance of 15-20% of total outstanding loans in an escrow account. This oil-backed loan framework agreement was effectively an extension of two previously signed oil-backed loan framework agreements (captured in Project ID#60219 and Project ID#59273). At least 6 USD-denominated loans for 6 projects were approved through this framework agreement: (1) Mambili-Moyoye Section of National Route 2 (RN2) Rehabilitation Project (captured in Project ID#72912) (2) Moyoye-Liouesso Segment of National Route 2 (RN2) Rehabilitation Project (captured in Project ID#72915) (3) Liouesso-Ouesso Segment of National Route 2 (RN2) Rehabilitation Project (captured in Project ID#72916) (4) Phase 2 (Okoyo-Gabon Border Section) of Obouya-Gabon Border Road (RN3) Project (captured in Project ID#68956) (5) Phase 1 of Oyo Inland Wharf Construction Project (captured in Project ID#30502) (6) Phase 2 of Oyo Inland Wharf Construction Project (captured in Project ID#72815).
This framework agreement is also known as known as “strategic partnership 3'.Strategic Partnership 1 (project ID#60219) had the following loan terms: all loans approved under the framework agreement had an interest rate of 0.25%, maturities between 13 years and 20 years, and grace periods between 3 and 5 years.Strategic Partnership 2 (project ID#59273) had the following loan terms: a 5-year grace period, a 20-year maturity and a 0.25 percent interest rate.The loan terms for Strategic Partnership 3 are unknown.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Republic of Congo [Government Agency]
Accountable agencies [Type]
The borrower was required to keep a minimum deposit balance of 15-20% of total outstanding loans in an escrow account.