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Overview

China Eximbank provides $362.2 million preferential buyer’s credit for El Sillar Double Track Highway Project

Commitments (Constant USD, 2023)$395,069,559
Commitment Year•2016Country of Activity•BoliviaDirect Recipient Country of Incorporation•BoliviaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 19, 2016
Start (actual)
Aug 23, 2018
First repayment
Dec 18, 2022
Last repayment
Dec 16, 2031

Geospatial footprint

Map overview

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The El Sillar Double Track Highway Project (Proyecto Construccion del Tramo Central Doble Via 'El Sillar’) involved the construction a 28 km stretch of road between kilometers 100 and 128 along the Cochabamba-Santa Cruz Road. This stretch of road passes through the towns of Chocolatal and San Jacinto in Chapare Province and Cochabamba Department. The project also involved rehabilitation of the Puente Espirtu Santo II bridge, which had fallen into disrepair. More detailed locational information can be found at http://www.cosiplan.org/proyectos/detalle_proyecto.aspx?h=237 and https://www.openstreetmap.org/directions?engine=graphhopper_car&route=-17.0598%2C-65.6452%3B-16.9847%2C-65.4303

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Bolivia

Implementing agencies

Government Agencies

  • Bolivia Highway Administration (ABC)
  • Government of Bolivia

State-owned companies

  • Sinohydro Corporation Limited

Loan desecription

China Eximbank provides $362.2 million preferential buyer’s credit for El Sillar Double Track Highway Project

Grace period•6 yearsGrant element•42.9287%Interest rate (t₀)•3%Interest type•Fixed Interest RateMaturity•15 years

Narrative

Full Description

Project narrative

On December 19, 2016, China Eximbank and the Government of Bolivia signed a $362,209,356.76 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC 2016 (38) 426] with the Government of Bolivia for the El Sillar Double Track Highway Project. The PBC agreement was ratified through the passage of a law on January 27, 2017. It carries the following borrowing terms: an interest rate of 3%, a 6 year grace period, and a 15 year maturity. The borrower was expected to use the proceeds of the PBC to partially finance a $440 million commercial contract with Sinohydro, which was signed on December 3, 2015. The lender made no disbursements in 2016. It made disbursements worth $72,441,871 in 2017, $29,985,478 in 2018, $63,023,643 in 2019, $14,561,012 in 2020, $87,138,784 in 2021, $76,551,805 in 2022, and $16,928,031 in 2023. The borrower made no principal repayments between 2015 and 2022. However, it paid interest and/or fees worth $1,811,047 in 2017, $2,882,410 in 2018, $4,417,717 in 2019, an unknown amount in 2020, $6,514,389 in 2021, and $9,020,673 in 2022. Then, the borrower made a payment of $30,709,097 in 2023 ($20,122,742 in principal and $10,586,357 in taxes/fees). The loan’s (principal) amount outstanding was $0 as of December 31, 2016, $72,441,871 as of December 31, 2017, $102,427,350 as of December 31, 2018, $165,450,992 as of December 31, 2019, $180,012,004 as of December 31, 2020, $267,150,752 as of December 31, 2021, $343,702,558 as of December 31, 2022, and $340,507,847 as of December 31, 2023. The project involves the construction of a four-lane, 28 km road, 28 bridges, 2 tunnels and retaining walls. It is located in the Chapare province, between kilometer 100 and kilometer 128 on the new road to Santa Cruz. Sinohydro is the contractor responsible for project implementation. This project entered implementation in 2018. As of March 2020, the project had achieved a 64% completion rate. By September 2021, more than 67% of the project was complete. The road was officially opened to traffic on November 23rd, 2023.

Staff comments

1. The Chinese project title is 艾尔西亚公路项目. The Spanish project title is Proyecto Construccion del Tramo Central Doble Via 'El Sillar'. 2. Gaceta Official Source can be accessed by using the url (http://gacetaoficialdebolivia.gob.bo/app/webroot/index.php/normas/buscar) and searching for 'Decreto Supremo 3014' [Supreme Decree 3014] or 'China – EXIMBANK’.