China Eximbank provides $203.15 million buyer’s credit loan for Bata University Campus Construction 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 in 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 2013, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for the Bata University Campus Construction Project. The proceeds of the loan were used by the borrower to finance a $239 million (or 120 billion CFA) commercial contract with China State Construction Engineering Corporation (CSCEC), which was signed on June 4, 2013. The estimated face value of loan is $203.15 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 involves the construction of the Bata campus of the Universidad Nacional de Guinea Ecuatorial (UNGE). The campus was designed to can accommodate 4000 students and 400 faculty. Construction began on or around June 4, 2014. As of July 2018, construction was still ongoing. By 2019, the project had only achieved a 30% completion rate.

Additional details

1. The Chinese project title is 和巴塔大学 or 巴塔大学项目. The Spanish project title is El Proyecto de Campus Universitario de Bata. 2. The China Eximbank loan that supported Bata University Campus Construction Project is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. Nor is it included it in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020.

Number of official sources

15

Number of total sources

17