China Eximbank pledges $508 million concessional loan for two container ports in Aden and Mokha
Pledged amount
$ 573042568.5124362
Adjusted pledged amount
$ 573042568.5124362
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Yemen
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
In December 2013, the Chinese Government pledged to expand two container ports in the southern cities of Aden and Mokha (Mocha) with a concessional loan from China Eximbank worth $507 million. This project involved the construction of an additional berth on the western side of Aden's container terminal, as well as the deepening and expansion of the port's outer and inner navigational channels. It also involved the expansion of the turning area and the installation of container cranes, RTGs and tractors for the first phase of the berth. The project sought to increase the handling capacity of the two ports by up to 1.5 million containers. Although the Saba news source identifies the face value of the loan as $507 million, several media and official sources state that the face value loan was for $508 million. The loan agreement was never finalized due to the security situation in Yemen.
Number of official sources
9
Number of total sources
14
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Yemen [Government Agency]
Implementing agencies [Type]
China Harbour Engineering Co., Ltd. [State-owned Company]