Project ID: 35977

China Eximbank provides RMB 500 million government concessional loan for Simon Bolivar Highway Extension Project

Commitment amount

$ 91729878.21108036

Adjusted commitment amount

$ 91729878.21

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Ecuador

Sector

Transport and storage (Code: 210)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

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

2013-02-02

Planned start

2013-12-24

Actual start

2013-05-06

Planned complete

2016-04-24

Actual complete

2018-06-15

NOTE: Red circles denote delays between planned and actual dates

Geography

Description

On February 2, 2013, China Eximbank and the Government of Ecuador signed a RMB 500 million ($77,380,000) government concessional loan (GCL) agreement [CHINA EXIMBANK GCL NO. (2013) 13 TOTAL NO. (458) No. 1420203052013110101] for the Simon Bolivar Highway Project. The GCL carried the following borrowing terms: a 2% interest rate, a 0% default (penalty) interest rate, a 5 year grace period, a maturity of 20 years, a 0.75% commitment fee, and a 1% management fee. The borrower was expected to used the proceeds of the loan to finance a $78,998,000 commercial contract [REI-EPMMOP-PSB-001-2012] between Empresa Pública Metropolitana de Movilidad y Obras Públicas (EPMMOP) — a state-owned mobility and public works company in Ecuador — and Sinohydro Corporation Limited, which was signed on November 9, 2012. The loan’s (principal) outstanding amount was $56,633,099.07 as of December 31, 2021 and $46,341,422.03 as of November 30, 2022. The purpose of this 12 km Simon Bolivar Highway Project was to connect the capital city of Quito with the newly-opened Mariscal Sucre International Airport. Sinohydro Corporation Limited was the contractor responsible for project implementation. Its work was overseen by EPMMOP, which is a state-owned mobility and public works company in Ecuador. Project implementation commenced on May 6, 2013. The highway was opened to traffic on June 15, 2018. The originally expected project commencement and completion dates were December 24, 2013 and April 24, 2016, respectively.

Additional details

1. This project is also known as the Prolongation of the Simon Bolivar Avenue Project. The Chinese project title is 厄瓜多尔西蒙玻利瓦尔大道延长线项目. 2. The China Eximbank loan contract can be accessed in its entirety via https://www.documentcloud.org/documents/20488191-ecu_2013_442_1_of_2. 3. The commercial contract between EPMMOP and Sinohydro Corporation Limited can be accessed in its entirety via https://www.dropbox.com/s/jv4hp8e7s80il7x/2.%20CONTRATO%20PRINCIPAL.pdfdl=0. 4. The Ecuadorian Ministry of Finance loan identification number is 23170000.

Number of official sources

17

Number of total sources

25

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Ecuador [Government Agency]

Implementing agencies [Type]

Government of the Republic of Ecuador [Government Agency]

SinoHydro [State-owned Company]

Empresa Pública Metropolitana de Movilidad y Obras Públicas (EPMMOP) [State-owned Company]

Loan Details

Maturity

20 years

Interest rate

2.0%

Grace period

5 years

Grant element (OECD Grant-Equiv)

33.1362%

Bilateral loan

Government Concessional Loan

Investment project loan