Chinese Government provides CVE 1.4 billion interest-free loan for Phase 2 of the National Stadium Construction Project (Linked to Record ID#21687, #56508, #56521, #72794)

Project narrative

In January 2012, the Chinese Government and the Government of Cape Verde signed an interest-free loan agreement for Phase 2 of the National Stadium Construction Project. The estimated value of this loan from China’s Ministry of Commerce (MOFCOM) is CVE 1.4 billion ($15.4 million or EUR 12.7 million). Phase 2 involved an expansion in the capacity of the National Stadium (Estádio Nacional de Cabo Verde) from 10,000 seats to 15,000 seats. Huashan International Construction Corporation was the contractor responsible for implementation. Between December 21, 2012 to December 29, 2012, a team of experts commissioned by MOFCOM’s Economic Cooperation Bureau conducted a mid-term quality inspection of Phase 2 and construction was originally scheduled for completion in August 2013. Then, on February 14, 2014, the Chinese Government and the Chinese Government signed a supplementary agreement for Phase 2, but it is unclear if this agreement involved an additional financial commitment. A stadium opening ceremony was held on August 23, 2014 and the stadium hosted its first international soccer competition on September 10, 2014. A project handover ceremony took place on August 31, 2015.