[Suspended] China Eximbank provides RMB 70 million government concessional loan for Expansion and Upgrading of Water and Sewerage Infrastructure Project
Commitment amount
$ 16558628.405779265
Adjusted commitment amount
$ 16558628.405779265
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Seychelles
Sector
Water supply and sanitation (Code: 140)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
In 2007, China Eximbank and the Government of Seychelles signed an RMB 70 million government concessional loan (GCL) agreement for the Expansion and Upgrading of Water and Sewerage Infrastructure Project. The borrowing terms of the loan are unknown. The purpose of the project was to increase wastewater transfer — by more than 1,800 cubic meters per day — from Mt. Simpson to La Gogue. In April 2010, the Seychellois state-owned entity Public Utilities Corporation (PUC) Water & Sewage Division awarded the a SCR 13,969,973 contract to Yangtze Construction for the implementation of this project. However, according to the Ministry of Finance and Trade of Seychelles, the GCL never disbursed. Therefore, this loan appears to have been suspended in a de facto sense. At the time that the China Eximbank agreed to issue this loan (in 2007), the Government of Seychelles was undergoing a period of debt distress and suspending or cancelling other loans (see Project ID#73577).
Additional details
1. This project is also known as the Mt. Simpson/La Gogue Raw Water Transfer Project and the Mahé Island Sewer & Water System Project. 2. The Chinese project title is 塞舌尔公共事业公司（PUC）环岛供水项目. 3. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it identifies a $1 million China Eximbank loan commitment in 2007 for this project. However, in December 2020 email correspondence with AidData’s Executive Director, Seychelles’ Ministry of Finance provided official documentation that clearly states the the original face value of the loan was RMB 70 million ($10.6 million). 4. Whereas SAIS-CARI identifies the status of this loan as an official commitment (‘signed’), AidData has status-coded this loan as a cancellation based upon the official documentation that it received from the Ministry of Finance of Seychelles.
Number of official sources
11
Number of total sources
12
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Seychelles [Government Agency]
Implementing agencies [Type]
Seychelles Public Utilities Corporation (PUC) [State-owned Company]
Government of Seychelles [Government Agency]
Yangtze Construction Co. Ltd. [State-owned Company]