Overview

China Eximbank provides RMB 87.01 million government concessional loan for Container Scanner Acquisition Project (Linked to Record ID#56164)

Commitments (Constant USD, 2023)$17,632,656

Commitment Year•2008Country of Activity•Cabo VerdeDirect Recipient Country of Incorporation•Cabo VerdeSector•Trade Policies And RegulationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 26, 2008

Start (actual): Mar 1, 2009

End (actual): Dec 6, 2010

First repayment: Dec 30, 2012

Last repayment: Dec 27, 2027

Geospatial footprint

Map overview

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The project involved the acquisition of three container scanners for use at Port Grande, Port Palmeira, and Port Praia. More detailed locational information can be found at https://www.openstreetmap.org/way/195854010 and https://www.openstreetmap.org/way/544645087 and https://www.openstreetmap.org/node/1944781431

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 Cabo Verde

Implementing agencies

State-owned companies

Cabo Verde National Port Administration Company (ENAPOR)
Nuctech Company Limited (Tongfang Vision Technology Co., Ltd.)

Guarantors

Government Agencies

Government of Cabo Verde

Loan desecription

China Eximbank provides RMB 87.01 million government concessional loan for Container Scanner Acquisition Project

Grace period•5 yearsGrant element•53.1012%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

On December 26, 2008, China Eximbank and the Government of Cape Verde signed an RMB 87,010,000 government concessional loan (GCL) for the Container Scanner Acquisition Project. This loan carried the following terms: 2% interest rate, 5-year grace period, and 20-year maturity. The Government of Cape Verde guaranteed RMB 85,045,963 of the total loan amount. Three tranches were disbursed according to the following schedule: (1) CVE 282.95 million on August 7, 2009, (2) CVE 565.594 million on December 4, 2009, and (3) CVE 97.043 million on December 19, 2011. The proceeds of the loan were to be used by the borrower to finance a commercial contract with Nuctech Company Limited. The project involved the acquisition of three container scanners for use at Port Grande, Port Palmeira, and Port Praia. Its ultimate purpose was to help Empresa Nacional de Administração dos Portos, S.A (ENAPOR) — the state-owned port authority — modernize customs and combat smuggling. Two technicians from Nuctech Company Limited arrived in Cape Verde in March 2009 to collect information in preparation for building and delivering the container scanners. The project was officially completed on December 6, 2010. Then, in 2018, the Chinese Government donated additional customs inspection equipment from Nuctech Company Limited (see Record ID#56164).

Staff comments

1. The Portuguese project title is Projecto de Fornecimento e Manutenção do Sistema de Inspecção “THSCAN” or Aquisição de Equipamentos para Inspecção de Contentores.