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

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