China Eximbank provides EUR 78.3 million buyer’s credit loan for SIPOPO International Convention Center 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 2008, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for Malabo Convention Center Construction Project. The face value of this loan is unknown. The proceeds of the loan were used to partially finance an EUR 92,179,004 (approximately US$118 million) commercial contract with China State Construction Engineering Corporation (CSCEC), which was signed on November 15, 2008. The estimated face value of loan is EUR 78,352,153 (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 the SIPOPO International Convention Centre, which is located approximately 30 km from downtown Malabo. This 4-storey building is 24 meters high and it occupies an area of 120,000 square meters. It was originally commissioned for the purpose of hosting the 2011 African Union Heads of State Summit, but it hosted 47 international conferences between June 2011 and October 2018. The glass-encased avant-garde structure was designed by a Turkish architecture firm and built to filter in external light without overheating, while still providing stunning views of the Malabo oceanfront. The convention center — which has been shortlisted for international architecture prizes — is part of Sipopo, a city of mansions built near Malabo by the Obiang regime. CSCEC was the contractor responsible for implementation. Construction began in January 2011, and 220 local workers were employed to support the project. The project was completed on June 23, 2011.

Additional details

1. This project is also known as the Malabo Convention Centre Construction Center Project. 2. The Spanish project title is Centro de Conferencias Sipopo. 3. The Chinese project title is 中建承建的西波波会议中心 or 马拉博国际会议中心项目 or 赤几SIPOPO国际会议中心项目 or 马拉博国际会议中心. 4. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.

Number of official sources

14

Number of total sources

21