Project ID: 350

China Eximbank provides $423 million preferential buyer's credit for Phase 1 of Kribi Deep Sea Port Project (Linked to Project ID#53396, #53116)

Commitment amount

$ 451767945.8

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Cameroon

Sector

Transport and storage (Code: 210)

Flow type

Export Buyer's Credit

Concessional

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

Implementation

2010

2010-01-10

Actual start

Commitment year

2011

Completion

2014

2014-06-10

Planned

2014-06-01

Actual

NOTE: This project began implementation and then later secured financing from a Chinese funding agency to continue project implementation

Geography

Description

On January 12, 2011, China Eximbank signed a preferential buyer credit (PBC) agreement [CHINA EXIMBANK PBC No.(2011) 1 TOTAL NO.(152) No. 1420303052011210025] with the Republic of Cameroon worth $423,000,000 USD for Phase 1 of Kribi Deep Sea Port Project. The borrowing terms of the PBC are as follows: 2% interest rate, 7 year grace period, 20 year maturity, 0.3% commitment fee, and 0.3% management fee. The borrower agreed to deposit project-related revenues in a revenue account to facilitate repayment. The proceeds of the PBC were to be used by the borrower to finance 85% of the total cost ($497,468,255) of a commercial contract between China Harbour Engineering Company Limited and Cameroon's Ministry of Economy. The Republic of Cameroon originally agreed to cover the remaining 15% of the project cost, but it later renegotiated and reportedly did not pay for this component of the project (See: 喀麦隆总统为中国贷款建设的克里比深水港奠基).The purpose of the project was undertake the first phase of the construct of a deep seaport in the Atlantic coast town of Kribi, 300 km south of Yaounde. Upon completion, the main port was expected to receive large vessels with a capacity close to 100,000 tons.Construction began on January 10, 2010, and an official groundbreaking ceremony took place on October 8, 2011. The project was completed in June 2014. The China Eximbank PBC captured in this record (Project ID#350) funded Phase 1 of the Kribi Deep Sea Port Project.China Eximbank also provided financing for Phase 2 of the Kribi Deep Sea Port Project via a GCL (as captured via Project ID#53116) as well as a PBC (as captured via Project ID#53396). Phase 2 of the Kribi Deep Sea Port Project, which was completed on March 2, 2018 (See: 公司参与运营的喀麦隆克里比深水港开港).

Additional details

1. The French project title is Projet de construction du port en eau profonde de Kribi. The Chinese project title is 的克里比深水港项目.2. The loan agreement can be accessed in its entirety via SourceID#67214 and https://www.documentcloud.org/documents/20485594-cmr_2011_171.3. The project ID number for this transaction in Cameroon's Development Assistance Database (DAD) is CAM/000716

Number of official sources

11

Number of unofficial sources

8

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Cameroon Ministry of Economy, Planning, and Regional Development (MINEPAT) [Government Agency]

Implementing agencies [Type]

Cameroon Ministry of Economy, Planning, and Regional Development (MINEPAT) [Government Agency]; China Harbour Engineering Co., Ltd. [State-owned Company]; Government of Cameroon [Government Agency]

Loan type

Concessional

Maturity

20 years

Interest rate

2.0%

Grace period

7 years

Management fee

0.3

Commitment fee

0.3

Grant element

56.00770973%

Gurarantee provided

No

Insurance provided

No

Collateralized/securitized

Yes

Collateral

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