China Eximbank pledges $968,842,265 loan for the Mandji Island Special Economic Zone Project
Pledged amount
$ 1087308004.7850375
Adjusted pledged amount
$ 1087308004.7850375
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Gabon
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
In 2011, China Communications Construction Company (CCCC) and the Government of Gabon signed a memorandum or understanding (MOU) regarding the Mandji Island Special Economic Zone Project. The special economic zone of Mandji (Port-Gentil) was established — by Decree No. 0126 dated January 22, 2013 following the adoption of law 10/2011 — to promote investment, create jobs and increase exports. It consists of an industrial area measuring 926 hectares, a residential area of 382 hectares, a cybercity (digital village) of 412 hectares, and an industrial and commercial port. It is aimed principally at the oil and timber-processing industries. Then, in 2015, China Eximbank reportedly agreed in principle to provide a $968,842,265 loan for the Mandji Island Special Economic Zone Project according to the following borrowing terms:: 20 year maturity, 7 year grace period, and 2% interest rate. This would be the first of two China Eximbank loans for the project. However, it does not appear that either loan has been approved since China Eximbank signaled its interest in the project in 2015. If the project is implemented, it is projected to create 1,500 to 2,300 jobs during the construction phase and 15,000 to 25,000 jobs during operational phase.
Additional details
This project is also known as the Mandji Island Free Zone Project and the Port-Gentil Special Economic Zone Project. The French project title is Projet de Zone Franche de l’Ile Mandji or Zone Economique Spéciale de l'île Mandji. The Chinese project title is 加蓬让蒂尔曼吉岛港口项目 or 让-蒂尔港曼吉岛深水港项目.
Number of official sources
6
Number of total sources
12
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Gabon [Government Agency]
Implementing agencies [Type]
China Communications Construction Co., Ltd. (CCCC) [State-owned Company]
Loan Details
Maturity
20 years
Interest rate
2.0%
Grace period
7 years
Grant element (OECD Grant-Equiv)
35.258%