China Eximbank provides $96.5 million buyer’s credit loan for Phase 3 of Machinery and Equipment Acquisition Project (Linked to Project ID#55867 and #55579)
Commitment amount
$ 108299592.46436891
Adjusted commitment amount
$ 108299592.46
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 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. This project was reportedly completed, but its precise implementation start and end dates are unknown. China Eximbank also financed Phase 1 and Phase 2 of the Machinery and Equipment Acquisition Project (captured via Project ID#55867 and #55868).
Number of official sources
6
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]
LiuGong [Private Sector]