Project ID: 40732

China Eximbank provides $71.8 million loan for Presidential Office Building Construction Project in Mozambique

Commitment amount

$ 69815024.73

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Mozambique

Sector

Government and civil society (Code: 150)

Flow type

Loan

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

2013

Completion

2014

2014-01-24

Actual

Description

In 2007, the Chinese Government announced that it would fund and construct a new presidential palace in Maputo. Then, on September 13, 2013, the Government of Mozambique ratified a $71,851,152 loan agreement with China Eximbank for the Presidential Office Building Construction Project. The loan reportedly carried the following terms: 20 year maturity, 7 year grace period, and a 1.5% interest rate. Anhui Foreign Economic Construction Group (AFECC) was the contractor responsible for project implementation. It built the two-story complex in 18 months. On January 24, 2014, Mozambique's President Armando Guebuza inaugurated the new, Chinese-built presidential office complex in the capital city of Maputo.

Additional details

The Portuguese project title is Construção do Edifício para Escritórios da Presidência. The Chinese project title is 莫桑比克总统府办公楼.

Number of official sources

3

Number of unofficial sources

11

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Mozambique [Government Agency]

Implementing agencies [Type]

Anhui Foreign Economic Construction Group Co., Ltd. (AFECC) [Private Sector]

Loan type

Concessional

Maturity

20 years

Interest rate

1.5%

Grace period

7 years

Grant element

59.61563114%

Gurarantee provided

No

Insurance provided

No