Project ID: 32216

China Eximbank provides $50,883,600 preferential buyer's credit for Phase 1 of Rural Grid Extension Project (Linked to Project ID#62326, #62331, #62333)

Commitment amount

$ 62580731.195297025

Adjusted commitment amount

$ 62580731.2

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Cambodia

Sector

Energy (Code: 230)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-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

2011-02-21

Actual start

2012-04-05

Actual complete

2015-07-21

Geography

Description

On February 21, 2011, China Eximbank and the Government of Cambodia's Ministry of Finance signed a $50,883,600 preferential buyer's credit (PBC) agreement for Phase 1 of the Rural Grid Extension Project. The PBC carried the following terms: 20-year maturity, 7-year grace period, and 2% interest rate. The proceeds of PBC were used to partially finance an EPC (commercial) contract between Electricite du Cambodge (EDC) — the country’s state-owned electricity utility — and China National Heavy Machinery Corporation (CHMC), which was signed on December 13, 2010. The purpose of the first phase of the project was to construct rural grid medium voltage (22 kV) transmission lines and expand two 115 kV substations in Kampong Cham, Prey Veng, Kampong Speu and Preah Sihanouk Provinces. CHMC was the EPC contractor responsible for implementation. By September 15, 2011, it had received advance payments from the project owner (EDC) and China Eximbank. then, on April 5, 2012, a formal groundbreaking ceremony was held. It was attended by the Minister of Industry, Mines and Energy of Cambodia (MIME), the Governor of Kampong Cham province, and the Chinese Ambassador to Cambodia Pan Guangxue. The project was ultimately completed on July 21, 2015. China Eximbank conducted a post-loan, on-site inspection on April 26, 2016.

Additional details

1. This project is also known as Phase 1 of the Rural Grid Extension and Implementation (22Kv) Project in Kampong Cham, Prey Veng, Kampong Speu and Preah Sihanouk or the Project of Rural Grid Extension and Implementation (22Kv) in Kampong Cham, Prey Veng, Kampong Speu and Preah Sihanouk. The Chinese project title is 柬埔寨农村电网一期项目 or 柬埔寨农村电网一期项目. 2. The China Eximbank PBC is one out of 6 agreements signed on February 21, 2011 by the Chinese Government and the Government of Cambodia during the 2nd China-Cambodia Strategic Economic Dialogue. 3. China Eximbank also financed Phases 2, 3, 4, 5, and 6 of the Rural Grid Extension Project. Phase 2 is captured in Project ID#62326. Phases 3 and 4 are captured in Project ID#62331. Phases 5 and 6 are captured in Project ID#62333.

Number of official sources

19

Number of total sources

25

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Details

Cofinanced

No

Direct receiving agencies [Type]

Cambodian Ministry of Economy and Finance [Government Agency]

Implementing agencies [Type]

Electricite du Cambodge [Government Agency]

China National Heavy Machinery Corporation (CHMC) [State-owned Company]

Loan Details

Maturity

20 years

Interest rate

2.0%

Grace period

7 years

Grant element (OECD Grant-Equiv)

51.7588%

Bilateral loan

Export buyer's credit

Investment project loan

Preferential Buyer's Credit