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Overview

China Eximbank provides $43.3 million buyer’s credit loan for Dalian II Road Infrastructure Project (Linked to Record ID#36690, #36735 and #55419)

Commitments (Constant USD, 2023)$91,179,695
Commitment Year•2004Country of Activity•SurinameDirect Recipient Country of Incorporation•SurinameSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 24, 2004
Start (actual)
Mar 12, 2004
First repayment
Feb 22, 2009
Last repayment
Feb 21, 2015

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of the project was rehabilitate 275 km roads in the Greater Paramaribo area. The project scope included the reasphalting of the East-West connection, including the Meerzorg-Albina and Paramaribo-Afobakka road sections. More detailed locational information can be found at https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=5.4985%2C-54.0575%3B5.6490%2C-54.8256 and https://www.openstreetmap.org/way/48702948#map=14/5.1402/-55.0569 and https://www.openstreetmap.org/way/732228227#map=11/5.5958/-55.0982 and https://www.openstreetmap.org/way/883402105#map=14/5.5960/-55.0918 and https://www.openstreetmap.org/way/378122330

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Suriname

Implementing agencies

Government Agencies

  • Government of Suriname

State-owned companies

  • Dalian International Economic and Technical Cooperation Group (CDIG)

Loan desecription

China Eximbank provides $43.3 million buyer’s credit loan for Dalian II Road Infrastructure Project

Grace period•5 yearsGrant element•27.5463%Interest rate (t₀)•4.65%Interest type•Fixed Interest RateMaturity•11 years

Narrative

Full Description

Project narrative

On February 24, 2004, China Eximbank and the Government of Suriname signed a $43,341,789 buyer’s credit loan (BCL) loan for the Dalian II Road Infrastructure Project. The BCL carried the following borrowing terms: a 4.65% interest rate, a maturity of 11 years, and grace period of 5 years. The borrower was expected to use the proceeds of the BCL to finance 85% of the cost of a commercial contract between the Government of Suriname and Dalian International Economic and Technical Cooperation Group (CDIG). In May 2018, the Back Office Manager of the Suriname Debt Management Office (Cindy Eersel) provided AidData's Executive Director (Brad Parks) with data from the Suriname Debt Management Office that indicates this loan was fully repaid and the project was completed. A 2016 Financial Note from Suriname’s Ministry of Finance confirms that the loan was repaid in full in 2016. The purpose of the project was rehabilitate 275 km inland roads in the Greater Paramaribo area. The project scope included the reasphalting of the East-West connection, including the Meerzorg-Albina and Paramaribo-Afobakka road sections. CDIG was the contractor responsible for implementation. On March 12, 2004 a groundbreaking ceremony was held for the project. The political opposition accused the ruling party of using the project as a political stunt in to the run-up to the 2005 elections. The reasphalting of the Meerzorg-Albina road section was complete as of November 2010. As of October 2016, the project was reportedly 'stalled'. The project’s precise completion date is unknown.

Staff comments

1. This project is also known as the 'Dalian II' Project, the Phase II Road Project, and the City Road Building Project. 2. The China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center, does not capture the China Eximbank loan that supported this project. 3. Some sources refer to CDIG as the contractor responsible for implementation. Other sources refer to the China Dalian International Company or China Dalian International Cooperation (Group) Holdings Ltd. 4. This project was part of the larger Suriname National Infrastructure Project that China Eximbank and China Dalian International Company helped finance and implement in various phases (as captured via Record ID#36690, #36735, and#55419). 5. One official source suggests that Dalian II supported 175 km rather than 275 km of roads. This issue warrants further investigation.