China Eximbank provides $138.3 million preferential buyer’s credit for 140MW Gouina Hydroelectric Power Plant Project (Linked to Project ID#30404, ID#53100, and ID#53179)

On January 4, 2013, China Eximbank and the Government of Mauritania signed a $138,300,000 preferential buyer’s credit (PBC) agreement for the 140MW Gouina Hydroelectric Power Plant Project. This PBC, which is captured via Project ID#56791, carried the following borrowing terms: a 20 year maturity, a 9 year grace period, and a 2% interest rate. The purpose of the project was to establish a 140MW hydroelectric power plant in Gouina on the Senegal River. The project involved the construction of a concrete dam with a threshold spilling over its entire width; the construction of a hydroelectric plant with three power generation units capable of producing 620 GWh per year; the construction of a 287 meter long intake canal and a 423 meter long escape canal; the rehabilitation of the existing track and the bridge at the Cimenterie de Diamou; and the construction of a 225-kilovolt high-voltage line connecting the Gouina station to the Medina station not far from Kayes. The Government of Senegal, the Government of Mali, and the Government of Mauritania all contributed to the implementation of this project. The total cost of the project was approximately $437 million and the Government of Senegal, the Government of Mali, and the Government of Mauritania all contracted equally sized loans (approximately $138,300,000) with China Eximbank to facilitate the implementation of the project. The China Eximbank loan (PBC) contracted by the Government of Mali is captured via Project ID#53100. The China Eximbank loan (PBC) contracted by the Government of Senegal is captured via Project ID#53179. These proceeds from these 3 China Eximbank loans covered 95% of the total cost of the project. The remaining 5% was covered by Organisation pour la mise en valeur du fleuve Sénégal (OMVS), which is also known as the Senegal River Basin Authority. Sinohydro Corporation Engineering Bureau 15 Co, Ltd was the contractor responsible for implementation. A foundation stone laying ceremony took place on December 17, 2013. However, construction did not begin until October 1, 2016. The project was originally expected to reach completion by the end of 2018, but it was ultimately completed when all 3 power generation units were connected to the grid on April 3, 2022. An official dam inauguration ceremony took place on December 3, 2022.

Additional details

1. The French project title is Amenagement Hydro Electrique de Gouina or Projet hydroélectrique Gouina dans la zone de l’OMVS 140 MW. The Chinese project title is 马里古伊那水电站工程项目 or 马里古伊那(Gouina)水电站. 2. In the database of Chinese loan commitments that it released in July 2020, SAIS-CARI records two China Eximbank loans for this project: a $248 million export buyer’s credit contracted by the Government of Mali and $146 million export buyer’s credit contracted by the Government of Senegal. Boston University’s Global Development Policy Center records a single China Eximbank loan for this project: a $415 million loan contracted by the Government of Mali. However, multiple official sources from multiple countries indicate that the Government of Senegal, the Government of Mali and the Government of Mauritania each contracted a $138,300,000 preferential buyer’s credit (PBC) with China Eximbank.

Number of official sources

24

Number of total sources

49