Chinese Government provides $8 million interest-free loan for Friendship Stadium Construction Project (Linked to Project ID#60752, #60753, and #60470)

On November 7, 2008, the Chinese Government and the Government of Gabon signed an Economic and Technical Cooperation Agreement (ETCA), which committed an RMB 30 million grant for the Friendship Stadium Construction Project and other unspecified projects. Then, on December 22, 2009, the Chinese Government and the Government of Gabon signed an Economic and Technical Cooperation Agreement (ETCA), which committed an RMB 50 million interest-free loan for the Friendship Stadium Construction Project. Then, on December 13, 2010, the Chinese Government and the Government of Gabon signed an Economic and Technical Cooperation Agreement (ETCA), which committed an additional RMB 80 million interest-free loan for the Friendship Stadium Construction Project. In 2011, the Chinese Government also reportedly provided an additional $8 million interest-free loan for the Friendship Stadium Construction Project. Project ID#60470 captures the RMB 30 million grant. Project ID#60752 captures the RMB 50 million interest-free loan. Project ID#60753 captures the RMB 80 million interest-free loan. Project ID#517 captures the $8 million interest-free loan. The Friendship Stadium Construction Project involved the construction of a 40,000 seat stadium in Angondjé, a suburb of Libreville in Gabon. It also involved the construction of seven ticket offices, an athletic track meeting international standards, and a soccer field. This stadium is known as Stade de l’Amitié and le Stade de l'amitié sino-gabonaise. Shanghai Construction Group was the contractor responsible for implementation. It signed a $90 million construction contract on August 4, 2009 and it reportedly hired more than 600 Chinese employees. Construction began on January 23, 2010 and ended November 16, 2011. Then, on November 27, 2011, an official project handover ceremony and stadium opening ceremony was held. The stadium was completed in advance of the 2012 African Cup of Nations.

Additional details

The Chinese project title is 中加友谊体育场. The French project title is Stade de l’Amitié and le Stade de l'amitié sino-gabonaise. One source suggests that that Chinese Government contributed 46 million euros to this project. However, it is unclear how this estimate was derived. Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20 years by default and grace period to 10 years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20 years, with a drawdown period of 5 years, grace period of 5 years, and repayment over 10 years. AidData treats the drawdown period as providing 5 years of additional grace.

Number of official sources

6

Number of total sources

20