Project ID: 30903

China Eximbank provides RMB 1.059 billion government concessional loan for 9 Cities Water Supply Project (Linked to Project ID#58421)

Commitment amount

$ 167351173.0

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Cameroon

Sector

Water supply and sanitation (Code: 140)

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

2017

2016-10-01

Planned

2017-08-01

Actual

Description

On October 20, 2013, China Eximbank and Cameroon's Ministry of Water Resources and Energy signed a government concessional loan (GCL) [CHINA EXIMBANK GCL NO.51 (2013) TOTAL NO. (496 1420303052013110305)] agreement worth RMB 1,653,018,595.78 (later amended to RMB 1.059 billion) for the 9 Cities Water Supply Project. The borrowing terms of the GCL were as follows: interest rate of 2%, maturity of 20 years, grace period of 5 years, management fee of 0.25%, and commitment fee of 0.25%. The borrower agreed to deposit project-related revenues in a special account to facilitate repayment. The proceeds of the China Eximbank loan were on-lent by Cameroon's Ministry of Water Resources and Energy to the Cameroon Water Utilities Corporation (Camwater) of the Republic of Cameroon to finance the commercial contract (worth RMB 1,653,018,595.78 and later amended to RMB 1.059 billion) with CGC Overseas Construction Group Co. Ltd. (CGCOC), which was signed on September 12, 2011 and amended on November 19, 2011.This project took place in two phases. The first phase of the project took place in four cities (Bafoussam, Bamenda, Kribi, and Sangmelima). It was supposed to take approximately 36 months (12 months for feasibility studies and 24 months for project execution) to complete. Phase 1 started October 1, 2013 and it was completed in August 2017.A separate China Eximbank loan agreement for the second phase of the project was signed in 2018 (as captured in Project ID#58421).

Additional details

1. The Chinese project title is 九城市供水项目. The French project title is Projet d’alimentation en eau potable dans neuf villes.2. The loan agreement can be accessed in its entirety in SourceID#68943 or https://www.documentcloud.org/documents/20485903-cmr_2013_179.3. The project ID number for this transaction in Cameroon's Development Assistance Database (DAD) is CAM/000846.

Number of official sources

9

Number of unofficial sources

3

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Details

Cofinanced

No

Receiving agencies [Type]

Cameroon Ministry of Economy, Planning, and Regional Development (MINEPAT) [Government Agency]; Cameroon Water Utilities Corporation (Camwater) [State-owned Company]

Implementing agencies [Type]

Cameroon Water Utilities Corporation (Camwater) [State-owned Company]; China State Construction Overseas Development Co., Ltd. [State-owned Company]; Government of Cameroon [Government Agency]

Loan type

Concessional

Maturity

20 years

Interest rate

2.0%

Grace period

5 years

Management fee

0.25

Commitment fee

0.25

Grant element

53.10116182%

Gurarantee provided

No

Insurance provided

No

Collateralized/securitized

Yes

Collateral

Special account into which the borrower was required to deposit project-related revenues