China Eximbank provides RMB 450 million government concessional loan for 1500 Social Housing Units Project

On January 12, 2011, the Export-Import Bank of China signed a government concessional loan (GCL) agreement [CHINA EXIMBANK GCL NO.1 (2011) TOTAL NO.(351) No. 1420303052011110020] with the Republic of Cameroon worth RMB 450,000,000 for the 1500 Social Housing Units Project. The borrowing terms of the GCL were as follows: maturity of 20 years, grace period of 5 years, 2% interest rate, a 0.30% commitment fee, and a 0.30% management fee. The borrower agreed to deposit project-related revenues in a revenue account to facilitate repayment. The proceeds of the GCL were to be used by the borrower to finance 85% of the cost (RMB 524,000,000) of a commercial contract between the Ministry of Urban Development and Housing of the Republic of Cameroon and China Shenyang International Economic & Technical Cooperation Corporation, which was signed on December 23, 2010. The purpose of the project was to build 1,500 low-cost housing units, including 650 housing units in Yaounde; 650 housing units in Douala; 50 homes in Bafoussam; 50 homes in Bamenda; 50 homes in Limbe; and 50 accommodations in Sangmelima. The project entered implementation in March 2013, and it was completed on April 25, 2017.

Additional details

1. The Chinese project title is 1500套社会住房 or 喀麦隆1520套社会住房项目. The French project title is Projet de Construction de 1500 Logements Sociaux au Cameroon. 2. The loan agreement can be accessed in its entirety in SourceID#67399 or https://www.documentcloud.org/documents/20485597-cmr_2011_172.

Number of official sources

9

Number of unofficial sources

14