China Eximbank provides $61.54 million buyer’s credit loan for Phase 2 of Machinery and Equipment Acquisition Project (Linked to Record ID#55579 and #55868)

Project narrative

In 2012, China Eximbank and the Government of Eritrea signed a $61.54 million buyer’s credit loan for Phase 2 of Machinery and Equipment Acquisition Project. The borrowing terms of the loan are unknown. This project involved the acquisition of 300 units of construction machinery and equipment, including heavy dump trucks, concrete mixer trucks, garbage recycling vehicles, graders, road rollers, and loaders. It also involved 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 equipment and machinery arrived in Eritrea on February 22, 2013. China Eximbank also financed Phase 1 and Phase 3 of the Machinery and Equipment Acquisition Project (captured in Record ID#55579 and #55868).