China Eximbank provides $153.6 million loan for Libreville Airport Bypass Road Construction Project

Project narrative

In 2016, China Eximbank and the Government of Gabon signed a $153,634,351 loan agreement for the Libreville Airport Bypass Road Construction Project. This loan carries a 20 year maturity and 5 year grace period. The project involves the construction of an 11 km bypass road (perimeter highway) around the capital city of Libreville. The road will connect the new and old downtown areas of the city. It will also lead to the Libreville airport. China Road and Bridge Corporation (CRBC) is the contractor responsible for implementation. This project has faced a number of implementation delays. Some sources suggest that the Government of Gabon may re-launch without CRBC as the contractor. However, there is not yet any clear evidence that the China Eximbank loan for this project has been suspended or cancelled. There are some indications that the China Eximbank loan for the Libreville Airport Bypass Road Construction Project may have financially underperformed vis-a-vis the original expectations of the lender. On April 3, 2024, Gabon’s Ambassador to China transmitted a letter (reference number: 000115/AMBAGAB-RPC/24) to the transitional authorities in Gabon, urging them to consider a debt settlement mechanism whereby the Government of Gabon would repay its outstanding debts to China Eximbank by depositing the cash proceeds from the sale of 1 or 2 oil cargoes (worth $150 million per cargo) each year to UNIPEC in a China Eximbank-controlled escrow account.