China Eximbank provides RMB 220 million government concessional loan for Cotonou Administrative Tower Project

Project narrative

On August 7, 2010, China Eximbank and the Government of Benin signed an RMB 220 million government concessional loan (GCL) agreement [CHINA EXIMBANK GCL No (2010) 5 TOTAL No (32) No 1290003052010110037] for the Cotonou Administrative Tower Project. The GCL carried the following borrowing terms: a 20-year maturity, a 5-year grace period, a 2% interest rate, a 0% default (penalty) interest rate, a 0.25% management fee, and a 0.30% commitment fee. The proceeds of the loan were to be used by the borrower to finance two commercial contracts: an August 7, 2008 contract between Anhui Foreign Economic Construction Corp. Group Ltd (AFECC) and Benin’s Ministry of Urban Planning, Habitat, Land Reform, and the Fight Against Coastal Erosion (contract number 809-7-8-008) as well as a February 24, 2009 contract between Shenyang International Technical Consulting Corporation and Benin’s Ministry of Urban Planning, Habitat, Land Reform, and the Fight Against Coastal Erosion (contract number 177). The project involved the construction of two nine-floor towers, with 582 offices, as well as green spaces and other facilities. The administrative towers are located in the capital city of Cotonou. AFECC was responsible for project implementation and Shenyang International Technical Consulting Corporation was responsible for project supervision. A formal groundbreaking ceremony took place on July 24, 2011, and a project handover ceremony took place on July 31, 2013.