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Overview

Bank of China provides $12.8 million buyer's credit loan for Acquisition of 250 Buses Project

Commitments (Constant USD, 2023)$28,994,976
Commitment Year•2003Country of Activity•GhanaDirect Recipient Country of Incorporation•GhanaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 8, 2003
Start (planned)
Sep 8, 2003
Start (actual)
Apr 23, 2004
End (planned)
Dec 31, 2004
End (actual)
Apr 30, 2006

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 Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Government Agencies

  • Government of Ghana

Implementing agencies

State-owned companies

  • China National Machinery Import & Export Corporation (CMC)

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan description

Bank of China provides $12.8 million buyer's credit loan for Acquisition of 250 Buses Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 8, 2003, Bank of China and the Government of Ghana signed a $12,886,456 buyer's credit loan agreement to facilitate the the acquisition of 250 urban passenger buses. The Ghanaian parliament ratified the loan agreement on April 14, 2004. Sinosure provided buyer’s credit insurance. China National Machinery and Equipment Import and Export Corporation (CMEC) was the contractor responsible for project implementation. The buses were produced by Shandong Heavy Industries, a subsidiary of Jiangsu Yaxing Bus Co., Ltd. (a Chinese state-owned enterprise). The terms of the loan are unknown. On April 23, 2004, the first batch of 36 buses arrived in Ghana and a formal handover ceremony was organized. All of the remaining buses were delivered by April 2006.

Staff comments

1. This project is also known as Acquisition of 400 Buses Project because the Government of Ghana ordered an additional 150 buses after signing the $12.8 million buyer's credit loan. 2. The Chinese project title is 250辆城市交通客车. 3. In the database of Chinese loan commitments that it released in July 2020, SAIS-CARI records a $19 million buyer’s credit loan from China Eximbank for this project. However, multiple official sources identify Bank of China as the lender. AidData records the face value ($12.8 million) of the buyer’s credit loan at the time that the loan agreement was ratified by the Ghanaian parliament.