China Eximbank provides $118 million USD buyer’s credit loan for Khartoum Housing Construction Project (Linked to Umbrella #57039)

On 29 July 2008, China Eximbank and the Government of Sudan signed a $3 billion USD oil-backed master framework agreement (or line of credit) to finance various infrastructure projects (see Umbrella Project ID#57039). This resources-credit cooperation package is backed by future revenues from the sale of oil exports. Each subsidiary buyer’s credit loan (BCL) issued through the framework agreement carries a 15-year maturity and 5.6% interest rate. One of the subsidiary loans approved through this agreement in 2010 was a $118 million USD BCL for the Khartoum Housing Construction Project. The proceeds from this BCL were used to finance 100% of the commercial contract signed 27 October 2009 with Poly Technologies and China Railway 18th Bureau. This project aimed to build 750 housing units in six states including Senal, Kassala, North Kordofan, Nile, North and North Darfur during a construction period of about 16 months. This project falls under Sudan's National Fund for Housing and Reconstruction (NFHR) initiative. In 2016, works were reportedly suspended. It is unclear whether the Chinese contractors ever completed this project. It is also unknown how much from the BCL was disbursed before works ended.

Additional details

Chinese project title: 苏丹房建项目

Number of official sources

3

Number of total sources

4