CDB finances Government Financial Management Platform Project in Ecuador (linked to #58830)

September 9, 2015, Ecuador signed a contract with China CAMC Engineering Co. Ltd for the construction of a Financial Platform in Quito for 17 months at a cost of USD. 221,732,720.81. The platform is intended to house different financial areas in a single building. The platform will be located in the North Sector, Amazonas Avenue, Japan Street, and between National Union of Journalists Street, Juan José Villalengua Street. Some of the entities to be housed in the building include the Ministry of Finance, Internal Revenue Service, and the Central Bank of Ecuador. The platform was intended to house 4600 public officials. According to a document from Ecuador's Real Estate Management Service for the Public Sector, the financing for the construction project came from "Chinese credit and fiscal resources". On September 23, 2015, Ecuador's Ministry of Finance requested the General Manager of the Shandong Branch of the Development Bank of China to include the "Project of the Government Financial Management Platform" ("Proyecto de la Plataforma Gubernamental de Gestión Financiera") in Tranche C of the 2 billion loan agreement signed between the 2 countries in 2012 (captured in #58830) at a cost of 197,975,648.58 USD. In the same document, the General Comptroller of the State pointed out that though the project did not meet the conditions of an eligible project that can be financed by Tranche C, CDB exercised its discretion to include it in the list of eligible projects, in a communication dated October 12, 2015. Loan terms from Tranche C of CDB's 2 billion loan in 2012 are recorded for this project.

Additional details

This project is funded through Tranche C of the $2 billion CDB loan (Project ID#58830). To ensure we are not double-counting Chinese OF, the transaction amount field is left empty. The amount is captured in Project ID#58830.

Number of official sources

6

Number of total sources

7