China Eximbank provides $61.54 million buyer’s credit loan for Phase 2 of Machinery and Equipment Acquisition Project (Linked to Project ID#55579 and #55868)
Commitment amount
$ 72255563.75475651
Adjusted commitment amount
$ 72255563.75
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Eritrea
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
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 Project ID#55579 and #55868).
Additional details
The Chinese project title is 厄立特里亚从中国进口重型机械设备合同（二期）
Number of official sources
8
Number of total sources
10
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Eritrea [Government Agency]
Implementing agencies [Type]
China Shanghai (Group) Corporation for Foreign Economic and Technological Cooperation [State-owned Company]
Government of Eritrea [Government Agency]