China Eximbank provides $119.7 million preferential buyer's credit for National Road No. 58 (NR 58) Renovation Project
Commitment amount
$ 132576619.05520223
Adjusted commitment amount
$ 132576619.06
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Cambodia
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
On December 3, 2014, China Eximbank and the Government of Cambodia signed a $119,751,775 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC NO.2014 (38) TOTAL NO. (332)] for the National Road No. 58 (NR 58) Renovation Project. The PBC carried the following terms: 20-year maturity, 7-year grace period, and 2% interest rate. The proceeds of the PBC were to be used by the borrower to partially finance an EPC (commercial) contract with Shanghai Construction Group (SCG). The total project cost was $122 million USD. The purpose of the project was to renovate a 174.16 km road (National Road No. 58 or NR 58) that connects the Banteay Meanchey province and the Otdar Meanchey province. More specifically, the road connects the Plong intersection in Pa-ong village, Kaunkriel commune, Samrong town of Uddar Meanchey to the National Road 5 in Phsar Kandal village, Poipet town of Banteay Meanchey. SCG was the EPC contractor responsible for implementation. Zhejiang Dacheng — a subsidiary of Zhejiang Construction Investment Group — was also involved in project implementation as a subcontractor. Guangzhou Wanna Construction Supervision Co., Ltd. was responsible for project supervision. A project commencement ceremony took place on March 18, 2015 and the road was officially opened to traffic on February 26, 2020.
Additional details
1. This project is also known as the National Road No. 58 (NR 58) Project. The Chinese project title is 58号公路 or 浙江大成柬埔寨国家58号公路项目. 2. The Government of Cambodia’s aid and debt information management system, which is maintained on behalf of all ministries and agencies of the Royal Government of Cambodia by the Cambodian Rehabilitation and Development Board (CRDB) of the Council for the Development of Cambodia (CDC), identifies the amortization period of the loan that supported this project as 20 years; however, this appears to be a typographical error.
Number of official sources
12
Number of total sources
17
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Cambodia [Government Agency]
Implementing agencies [Type]
Shanghai Construction Group General Co. [State-owned Company]
Loan Details
Maturity
20 years
Interest rate
2.0%
Grace period
7 years
Grant element (OECD Grant-Equiv)
51.7588%