China Eximbank provides $96.5 million buyer’s credit loan for Phase 3 of Machinery and Equipment Acquisition Project (Linked to Record ID#55867 and #55579)

Project narrative

In 2015, China Eximbank and the Government of Eritrea signed a $96.5 million buyer’s credit loan for Phase 3 of Machinery and Equipment Acquisition Project. The borrowing terms of the loan are unknown. The proceeds of the loan were used to finance a commercial contract with LiuGong (Liu Gong), which was signed on September 22, 2015. The project involved the acquisition of 72 units of machinery and equipment from Liu Gong, including wheeled loaders, excavators, motor graders and bulldozers. Shanghai Corporation for Foreign Economic & Technical Cooperation (SFECO) was the contractor responsible for implementation. A batch of machinery and equipment units was shipped from China to Eritrea on October 24, 2015. The project was reportedly completed, but its precise implementation start and end dates are unknown.