China Eximbank provides $105.23 million preferential buyer’s credit for Ivato International Airport to Boulevard of Europe Expressway Project

Project narrative

On August 30, 2017, China Eximbank and the Government of Madagascar signed a preferential buyer’s credit (PBC) agreement worth $105,230,500 million for the Ivato International Airport to Boulevard of Europe Expressway Project. Then, on January 10, 2018, the High Constitutional Court of Madagascar authorized the ratification of this PBC agreement. This PBC has a 20 year maturity. Its interest rate and grace period are unknown. This project involves the construction of an 18.67 km tolled expressway connecting the Ivato International Airport to the Boulevard De L'europe in Antananarivo, the capital of Madagascar. It is being implemented in two phases. China Road & Bridge Corporation (CRBC) is the contractor responsible for implementation. In August 2015, CRBC signed a commercial contract to construct the road. Then, from November 8, 2015 to November 10, 2015, a delegation led by the Vice President of the China Eximbank paid a working visit to Madagascar where the group made a pre-loan inspection of the airport expressway. The road's connection line (Phase I of the project) was completed within six months and served the Summit of Francophone Countries (La Francophonie). Phase 1, which is also known as the Andohatapenaka Ring Road Project (or la Rocade d'Andohatapenaka), was 4.759 km in length, and its opening ceremony was held on November 18, 2016. Phase 2 is 13.911 km in length and it was scheduled for completion by the end of 2018. On November 5, 2021, the final signing ceremony for the handover document of the Airport Expressway project was held, bringing the project to completion. In attendance at the ceremony were Jerry Hartrefendrazana, Madagascar Minister of Public Works, and Guo Xiaomei, Chinese Ambassador to Madagascar. The roadway starts at Chaha Sauca and ends at the Ivato International Airport, stretching a total of 10.93 kilometers. With the completion of this project, it is estimated that the time necessary to travel from downtown Antananarivo and the airport will be reduced from 2 hours to fifteen minutes.