China Eximbank provides $380 million preferential buyer’s credit for 4,800 Social Housing Units Project

Project narrative

On March 13, 2009, China Eximbank and the Government of Equatorial Guinea signed a $380,000,000 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC NO. (2009) 4 TOTAL NO. (66)] for the 4,800 Social Housing Units Project. The PBC carried the following terms: a 2% interest rate, a 2 year grace period, and a 17 year maturity. The proceeds of the loan were used to partially finance a $517 million commercial contract with Dalian International Economic and Technical Cooperation Group. CMEC Comtrans International Co., Ltd. appears to have also been involved in implementation (most likely as a subcontractor). This project involved the construction of between 4700 and 4800 affordable housing units in Malabo, Bata, and Rebola. Construction began in September 2010 and the project was fully completed and handed over to the local authorities in December 2014. According to Caja Autónoma de Amortización de la Deuda Pública within Equatorial Guinea’s Ministry of Finance and Budget, the China Eximbank buyer’s credit loan for the project had disbursed $380,000,000 as of December 31, 2019 and the borrower had made principal ($126,666,666.70) and interest ($39,383,399.14) payments worth $166,050,065.84 as of December 31, 2019. The loan's principal amount outstanding was $253,333,333.30 as of December 31, 2019.