China Eximbank provides $100 million buyer’s credit loan for Phase 1 of Machinery and Equipment Acquisition Project (Linked to Record ID#55867 and #55868)

Project narrative

In 2011, China Eximbank and the Government of Eritrea signed a $100 million buyer’s credit loan for Phase 1 of Machinery and Equipment Acquisition Project. The borrowing terms of the loan are unknown. The project involved the acquisition of nearly 2000 sets of machinery and equipment from Chinese contractors (such as Liu Gong. XCMG, and SANY Heavy Industry), including excavators, graders, road rollers, loaders, cranes, pump trucks, tractors and other engineering and agricultural equipment. It also involved the acquisition of spare parts, mainly for tractors, trailers, excavators, bulldozers, road maintenance trucks, passenger buses, trucks, and drilling motors. Shanghai Corporation for Foreign Economic & Technical Cooperation (SFECO) was the contractor responsible for implementation. The first batch of equipment and machinery arrived at the port of Asmara on August 24, 2011. The fourth and final batch arrived in December 2011.