Project ID: 60737

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

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2015-01-01

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

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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%

Bilateral loan

Investment project loan