China Eximbank provides $170 million buyer’s credit loan for Malabo International Airport Expansion Project (Linked to Project ID#484)

In 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion oil-backed buyer’s credit facility agreement for various infrastructure projects (captured via Project ID#484). All subsidiary loans approved under this facility agreement carry the following terms: a 5.5% interest rate, 5 year maturity, and 2 year grace period. Then, in 2015, China Eximbank and the Government of Equatorial Guinea signed a $170 million subsidiary buyer’s credit loan agreement for the Malabo International Airport Expansion Project. The proceeds of the loan were used by the borrower to finance a $200 million commercial contract with Weihai International Economic & Technical Cooperative Co. Ltd., which was signed in January 2014. The estimated face value of loan is $170 million (since other subsidiary buyer’s credit loans that were approved through the $2 billion oil-backed buyer’s credit facility were use to finance 85% of commercial contract costs). This project involved the construction of a new terminal in a 41,000 square meter area, a parking lot in a 14,000 square meter area, and a viaduct in a 15,000 square meter area at Malabo International Airport (also known as Aeropuerto de Santa Isabel). It officially commenced on April 20, 2015. The project was inspected in October 2017 by Equatorial Guinean President Obiang, Equatorial Guinea's Minister of Civil Aviation of Chichi, the Vice Chairman of the National Project Office, the General Manager of the National Airlines of Equatorial Guinea, Ambassador Chen Guoyou, Counsellor Su Jianguo and the head of Weihai International. Then, in August 2018, the Vice-President of the Government of Equatorial Guinea, Charged with Defence and State Security, Teodoro Nguema Obiang Mangue, inspected the project. He was accompanied by the Civil Aviation Head of Department and chiefs from Geproyectos. The project was completed in February 2018.

Additional details

1. The Spanish project title is Aeropuerto de Santa Isabel or Nueva Terminal del Aeropuerto Internacional de Malabo. 2. The Chinese project title is 马拉博机场扩建工程 or 赤道几内亚马拉博国际机场新航站楼项目 or 马拉博机场项目. 3. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.

Number of official sources

9

Number of total sources

12