Project ID: 30834

Chinese Government signs CFA 129 billion preferential loan framework agreement for Akassato-Bohicon Road Rehabilitation Project (linked to #58722, #58807, #73406)

Commitment amount

$ 253710026.1

Constant 2017 USD

Not recommended for aggregates

This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.

Umbrella project

This project is classified as an "umbrella" project, and is connected to related projects.

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Benin

Sector

Transport and storage (Code: 210)

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

2013

Completion

2016

2016-03-01

Actual

Description

On 5 October, 2012, the Chinese Government and the Government of Benin signed a CFA 129 billion preferential loan framework agreement for the Akassato-Bohicon Road Rehabilitation Project (See: THE REPUBLIC OF BENIN PROSPECTUS). The terms and conditions specified in the framework agreement were a 20-year maturity and a 7-year grace period; however, the Chinese Government subsequently approved three separate tranche loans for Lot 1, Lot 2, and Lot 3 of the Akassato-Bohicon Road Rehabilitation Project, instead. In 2013, China’s Ministry of Commerce and the Government of Benin signed an RMB 141 million interest-free loan agreement for Lot 1 and an RMB 362.1 million interest-free loan agreement for Lot 2 (See: Allocution de Monsieur DIAO MINGSHENG, ambassadeur extraordinaire et plénipotentiaire de la République Populaire de Chine en République du Bénin, lors de la cérémonie de remise du projet de la réhabilitation de la route AKASSATO-BOHICON LOT 1 et du projet d'aménagement paysager et de canal de l'échangeur de Godomey financés par le gouvernement chinois). On 23 August, 2013, China Eximbank and the Government of Benin signed an RMB 800 million government concessional loan (GCL) loan agreement [CHINA EXIMBANK GCL 2013 NO. (2013) NO. (37) TOTAL NO. (482) NO. (1420303052013111728)] for Lot 3, which carried the following terms: 20-year maturity, 7-year grace period, 1% interest rate, 0.25% commitment fee, and a 0.25% management fee (See: DECRET N'2013-343 DU 30 AOUT 2013).The proceeds of the MOFCOM loan for Lot 1 were to be used by the borrower to finance a commercial contract with China Geo-Engineering Corporation (CGC) (See: Road Rehabilitation Project Akassato Bohicon LOT 1: 12.3km). The proceeds of the MOFCOM loan for Lot 2 were to be used by the borrower to finance a commercial contract with Chongqing International Construction Corporation (CICO) worth 30 billion CFAF (See: Remise du deuxième lot de la route Akassato-Bohicon). The proceeds of the GCL were to be used by the borrower to finance a commercial contract (ID#74/MTPT/DNCMP/SP) between Benin’s Ministry of Public Works and Transportation and China Xinxing Group General Corporation, which was signed on 5 March, 2013 (See: 贝宁政府公共工程部致函表彰新兴集团并颁发嘉奖令).The Akassato-Bohicon Road Rehabilitation Project involved the rehabilitation of a 103.8 km road segment along the No. 2 Interstate Highway from Akassato to Bohicon. The project was divided into three lots. Lot 1 involved the rehabilitation of a 12.3 km section from Akassato to Glo-Djigbé (PK 14 + 200 to PK 26 + 500) (See: DECRET N'2013-343 DU 30 AOUT 2013). Lot 2 involved the rehabilitation of a 19.26 km section from Glo-Djigbé to Allada (PK 26 + 500 to PK 45 + 760) (See: 刁鸣生大使出席援贝宁阿-博公路二标段交接仪式 and DECRET N'2013-343 DU 30 AOUT 2013). Lot 3 involved the rehabilitation of a 73 km section from Allada to Bohicon (PK45 + 760 to PK1 17 + 865) (See: DECRET N'2013-343 DU 30 AOUT 2013).A formal groundbreaking ceremony for Lot 1 took place on 5 January, 2013; however, Lot 1 construction did not commence until 30 April, 2013 (See: 驻贝宁大使陶卫光出席中国援贝阿—博公路二、三标段开工仪式 and Réhabilitation de la route Akassato-Bohicon:Le lancement des travaux des lots 2 et 3 prévu pour ce mois (Lire un extrait du communiqué du Conseil des ministres)). Lot 1 was officially handed over to the Government of Benin on 12 August, 2015 (See: 驻贝宁大使刁鸣生出席中国援建项目竣工仪式).A formal groundbreaking ceremony for Lots 2 and 3 was held on 16 January, 2014 (See: 驻贝宁大使陶卫光出席中国援贝阿—博公路二、三标段开工仪式). Lot 2 was officially handed over to the Government of Benin on 28 September, 2016 (See: Remise du deuxième lot de la route Akassato-Bohicon and 刁鸣生大使出席援贝宁阿-博公路二标段交接仪式). Lot 3 was completed in March 2016.This project captures the CFA 129 billion preferential loan framework agreement. Project ID#58722 captures the RMB 141 million interest-free loan from MOFCOM for Lot 1. Project ID#73406 captures the RMB 362.1 million interest-free loan from MOFCOM for Lot 2. Project ID#58807 captures the RMB 800 million interest-free loan from China Eximbank for Lot 3.

Additional details

The French project title is Projet de Réhabilitation de la route Akassato-Bohicon. The Chinese project title is 阿卡萨多-博依贡公路 or 贝宁阿卡萨多—博伊贡公路项目 or 阿卡萨托—博希孔公路修复工程.According to the Parliament of Benin, the Chinese Government provided RMB 503.1 million of loans for Lot 1 and Lot 2. The face value of the loan that supported Lot 1 was RMB 141 million, so AidData assumes that the face value of the loan that supported Lot 2 was RMB 362.1 million.

Number of official sources

14

Number of unofficial sources

10

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Benin [Government Agency]

Implementing agencies [Type]

China Chongqing International Construction Corporation (CICO) [State-owned Company]; China Geo-Engineering Corporation (CGC) [State-owned Company]; China XinXing Construction Development Co., Ltd. (中国新兴建设开发有限责任公司) [State-owned Company]

Loan type

Concessional

Maturity

20 years

Grace period

7 years

Gurarantee provided

No

Insurance provided

No