Project ID: 35124

Chinese Government provides $31 million grant for Gwadar Port Construction Project (Linked to Project ID#38995, #38996, #72688, and #72689)

Commitment amount

$ 67659419.51

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Pakistan

Sector

Transport and storage (Code: 210)

Flow type

Grant

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

2001

Completion

2007

2007-03-20

Actual

Geography

Description

During the visit of Chinese Prime Minister Zhu Rongji to Pakistan in May 2001, the Gwadar port was a key item of discussion. Pakistani Finance Minister Shaukat Aziz said China has agreed to help fund the construction of phase one of the $250 million Gwadar Port project.China provided $248 million for the project in various forms of funding: On August 10, 2001, the Chinese government granted $31 million USD for the Gwadar Port project. Additional financing came from an RMB 502,690,200 China Eximbank government concessional loan (GCL), which was captured by project ID#38996, a $60 million China Eximbank buyer's credit loan (BCL) captured by project ID#38995, an $18 million Chinese Government grant captured by project ID#72689, and an interest-free loan from the Chinese Government worth $31 million captured by project ID#72688.Gwadar, located about 350 kilometers west of Karachi on the Arabian Sea coast, is considered the nearest warm water port for the Central Asian states for their trade with Europe, East Asia, and the Americas. Prime Minister Shaukat Aziz inaugurated the deep-sea port on March 20, 2007. The Gwadar Port was taken over by China Overseas Ports Holding Company Limited (COPHC) on May 16, 2013, for 40 years.

Additional details

One source suggests that the face value of the BCL may have been downwardly revised to $22.26 million (at a 3% interest rate) after the initial BCL agreement was signed. This project is located at Gwadar Port. More detailed locational information can be found at https://www.google.com/maps/place/Gwadar+Sea+Port/@25.1104955,62.339648,15z/data=!4m5!3m4!1s0x0:0xc8622abf840e0dac!8m2!3d25.1104955!4d62.339648 and https://latitude.to/articles-by-country/pk/pakistan/8128/gwadar-port.

Number of official sources

3

Number of unofficial sources

11

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Pakistan [Government Agency]

Implementing agencies [Type]

Government of Pakistan [Government Agency]