China Eximbank provides buyer’s credit loan for Malabo National Park Construction Project (Linked to Project ID#484)
Commitment amount
$ 81669012.75699344
Adjusted commitment amount
$ 81669012.76
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Equatorial Guinea
Sector
Trade policies and regulations (Code: 330)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
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 2011, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for Malabo National Park Construction Project. The face value of this loan is unknown. The proceeds of the loan were used to partially finance a $78,122,400 (RMB 516 million) commercial contract with China Road and Bridge Engineering Co., Ltd. Malabo National Park covers approximately 870,000 square meters of land and is a comprehensive urban park integrating natural landscape, leisure and entertainment, sports and education. It is also the first comprehensive urban park in Central Africa. It includes a Science Popularization and Display Zone, a Friendship Park Zone, a Sports and Recreation Zone, the Tour Tower, and a Forest Protection Zone. Entry is 500 FCFA for adults and 250 FCFA for children. Construction began in October 2011 and ended in October 2015. A grand opening ceremony was held on June 4, 2016.
Additional details
1. The Chinese project title is 马拉博公园项目 or 马拉博国家公园项目. 2. The Spanish project title is Parque Nacional de Malabo. 3. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. 4. For the time being, AidData assumes that the face value of the buyer's credit loan was equivalent to 85% ($66,404,040) of the total cost ($78,122,400 or RMB 516 million) of the commercial contract. The source for the total cost (RMB 516 million) of the commercial contract (project) is http://www.lac.com.cn/pages/projects_detal_232.html.
Number of official sources
12
Number of total sources
14
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Equatorial Guinea [Government Agency]
Implementing agencies [Type]
China Road & Bridge Corporation (CRBC) [State-owned Company]
Government of Equatorial Guinea [Government Agency]
Collateral
The buyer's credit loans under the $2 billion USD facility were secured via deposit accounts opened by Government of Equatorial Guinea in China Eximbank. The Government of Equatorial Guinea deposited the proceeds from hydrocarbon exports into these accounts.A repayment guarantee equivalent to 30 percent (minimum) of the outstanding stock of debt was required to be in the accounts at all times.
Loan Details
Maturity
5 years
Interest rate
5.5%
Grace period
2 years
Grant element (OECD Grant-Equiv)
9.6724%