China Eximbank provides $690.7 million preferential buyer’s credit loan for 113km Thiès-Touba Toll Road Project

Project narrative

On June 8, 2015, China Eximbank and the Government of Senegal signed a preferential buyer’s credit (PBC) agreement worth USD 690,728,949 for the Thiès-Touba Toll Road Project. The PBC reportedly carries the following terms: a 25-year maturity, a 5-year grace period, and a 2% interest rate. The purpose of this loan was to cover 85% of the total project cost equal to $812 million. This project involved the construction of a 112.933 km, four-lane, toll road between the city of Touba and the city of Thiès and the installation of tolling and video surveillance equipment. The purpose of the project was to connect two of the country’s primary growth areas by linking Touba, Senegal’s second-largest city, with the existing highway network in Thiès, on the perimeter of Dakar, the country’s dominant urban area. The road was designed to conform with French codes and standards. CCCC First Highway Consultants Co. Ltd. was responsible for the design of the project. China Road and Bridge Corporation (CRBC), a subsidiary of China Communications Construction Company, was the general contractor responsible for project implementation. CCCC First Navigation Engineering Bureau Co., Ltd. also served as subcontractor. The project commenced on January 16, 2016 and it was originally anticipated that the project would reach completion within 45 months (with a defect liability period of 12 months). However, the road was ultimately completed opened for traffic on December 20, 2018. Then, on February 1, 2019, the road officially began toll operations.