China Eximbank provides RMB 411 million government concessional loan for Meskel Square to Bole International Airport Road Upgrading Project
Commitment amount
$ 67901284.56
Constant 2017 USD
Summary
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Recipient
Ethiopia
Sector
Transport and storage (Code: 210)
Flow type
Loan
Concessional
Yes
Category
Project lifecycle
Geography
Description
On 3rd September 2011, China Eximbank signed a government concessional loan (GCL) with the Government of Ethiopia worth 411 million RMB to upgrade the road from Meskel Square to Bole Airport Road Project in Addis Ababa City. The loan has a 2% interest rate, 7-year grace period, and 20 year maturity.In the same month, the Addis Ababa Roads Authority signed a construction contract with the China Communications Construction Co., Ltd. (CCCC) for the project. Construction began on January 6, 2012 and the upgrade was completed in May 2013 and opened to traffic. An inauguration ceremony for the road project was held on June 16, 2013. The upgrade included the construction of three bridges. The project was completed on July 6, 2014.This road project was 4.3 km in length and 40 meters in width. This road runs from Meskel Square to Bole International Airport.
Number of official sources
8
Number of unofficial sources
5
Details
Cofinanced
No
Receiving agencies [Type]
Government of Ethiopia [Government Agency]
Implementing agencies [Type]
China Communications Construction Co., Ltd. (CCCC) [State-owned Company]; China Road & Bridge Corporation (CRBC) [State-owned Company]
Loan type
Concessional
Maturity
20 years
Interest rate
2.0%
Grace period
7 years
Grant element
56.00770973%
Gurarantee provided
No
Insurance provided
No