CMEC provides $22.2 million supplier's credit for Rabak Grain Silo Project
Commitment amount
$ 48179180.36143411
Adjusted commitment amount
$ 48179180.36
Constant 2021 USD
Summary
Funding agency [Type]
China Machinery Engineering Corporation (CMEC) [State-owned Company]
Recipient
Sudan
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In December 2005, China National Machinery Import and Export Corporation (CMEC) provided a $22.2 million supplier's credit to the Government of Sudan for the Rabak Grain Silo Project. This loan carried the following borrowing terms: 8-year maturity, 2-year grace period, and 4% interest rate. As of June 30, 2012, CMEC estimated it would receive deferred payments including interest equal to $10.7 million. The project involved the construction of a 100,000-ton grain storage depot in Rabak (ربك or Rabbak), a city in southeastern Sudan and the capital of the White Nile State. CMEC was the contractor responsible for implementation. China's Ministry of Commerce claims that the total value of the commercial contract is $27 million but a CMEC source claims that is is actually $22.9 million. Construction began in October 2007 and a project completion ceremony was held on June 12, 2010.
Additional details
1. The Chinese project title is 拉巴克粮库项目.
Number of official sources
6
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Sudan [Government Agency]
Implementing agencies [Type]
China Machinery Engineering Corporation (CMEC) [State-owned Company]
Loan Details
Maturity
8 years
Interest rate
4.0%
Grace period
2 years
Grant element (OECD Grant-Equiv)
18.6429%