China Eximbank provides RMB 485.7 million government concessional loan for Phase 1 of Post-Earthquake Transportation Infrastructure Rehabilitation Project

On December 12, 2018, China Eximbank and the Government of Ecuador signed an RMB 485.7 million ($69,382,210) government concessional loan (GCL) agreement for Phase 1 of the Post-Earthquake Transportation Infrastructure Rehabilitation Project. The GCL carried the following borrowing terms: a 2% interest rate, a 20 year maturity, and a 5 year grace period. The borrower was expected to use the proceeds of the GCL to finance a $69,382,210 commercial contract between the Government of Ecuador’s Ministry of Transport and Public Works (Ministerio de Transporte y Obras Públicas or MTOP) and a consortium consisting of China Road and Bridge Corporation (CRBC) and China National Electronics Import & Export (CEIEC). The loan’s (principal) outstanding amount was $57,639,855.43 as of December 31, 2021 and $56,859,060.10 as of November 30, 2022. The purpose of the project is to repair and rehabilitate infrastructure in Manabi, Esmeraldas, and Manta provinces due to damages from an April 2016 earthquake. More specifically, the project involves (1) the reconstruction of Eloy Alfaro International Airport in the northern city of Manta, (2) the construction of a 40-meter Canuto bridge (el Puente de Canuto), (3) the construction of the 30-meter Pimpiguasí Bridge (el Puente de Pimpiguas), and (4) the rehabilitation of the 33.8 km Quininde-Las Golondrinas highway in Esmeraldas Province. The 4,927-square-meter airport will boast a 36.6-meter-high control tower, taller than its predecessor, and will be able to accommodate Boeing 747-400 aircraft. The reconstructed Eloy Alfaro International is expected have the capacity to receive 115,000 passengers a year, as compared to its baseline level of capacity (50,000 passengers a year). This project component is also expected to generate 800 jobs, including 300 direct jobs for the local labor force. This airport is located Manta, Manabi's second-largest city. The reconstruction of the 33.8 km Quinindé-Las Golondrinas highway will connect Esmeraldas province with the neighboring Imbabura province and it will be part of the E29 State Road Network. This project component also includes construction of two bridges over the Guayllabamba river (177m) and Duana river (28m), and a 20.7m pedestrian bridge. The Canuto bridge is 40 meters long and crosses Ecuador's Rio Grande, in Canuto, Chone. It is located on the Chone - Canuto - Calceta - Junín - Pimpiguasí highway (E-384 State Road Network) in the province of Manabí. The Pimpiguasí bridge is 30 meters long, and is located over the Río Chico. It connects Pimpiguasí of Portoviejo with the districts of Junín, Bolívar and Chone. It is located on the Chone - Canuto - Calceta - Junín - Pimpiguasí highway (E-384 State Road Network) in the province of Manabí. The Canuto bridge and the Pimpiguasí bridge are jointly expected facilitate the mobility of 1,368 vehicles that drive daily on this road, benefiting 32,000 residents and indirectly 434,197 more people. CRBC and CEIEC were the contractors responsible for project implementation. On November 23, 2018, the Ministry of Transportation of Ecuador held a project commencement ceremony. Then, on January 23, 2020, the Ministry of Transport and Public Works authorized vehicular traffic on the Canuto bridge. On March 11, 2020, the Canuto and Pimpiguasí bridges were officially inaugurated. As of February 5, 2020, the Quinindé-Las Golondrinas highway reconstruction project subcomponent had achieved a 25% completion rate. By April 2021, it had achieved a 50% completion rate. As of July 2, 2020, the reconstruction of Eloy Alfaro International Airport had achieved a 55% completion rate. This project component was originally expected to reach completion by May 15, 2020.

Additional details

1. This project is also known as the Phase 1 of Transportation Infrastructure Rehabilitation Project or the Transportation Infrastructure Reconstruction Phase I Project. The Spanish project title is el Proyecto de Reconstrucción de la Infraestructura del Transporte Fase I or FASE I RECONSTRUCCION INFRAESTRUCTURA VIAL (GOLONDRINAS, PUENTES CANUTA Y PINPUGUASI, Y ADAPTABILIDAD AEROPUERTO). 2. The Chinese project title is 厄瓜多尔交通部灾后重建一期项目. 3. The Ecuadorian Ministry of Finance loan identification number is 23196000.

Number of official sources

35

Number of total sources

54