Yunnan Construction Engineering Group provides $330 million supplier credit for National Institute of Sports Project

Project narrative

In 2012, Yunnan Construction Engineering Group (YNJG or 云南建工集团) and the Government of Equatorial Guinea signed a $330 million supplier credit (loan) agreement for the National Institute of Sports Project. In order to finance its supplier credit agreement with the Government of Equatorial Guinea, YNJG secured an export seller’s credit from China Eximbank. The supplier credit is backed by a credit insurance policy from China Export & Credit Insurance Corporation (Sinosure). The borrower was expected to use the proceeds of the loan to finance a $329.77 million commercial contract between the Government of Equatorial Guinea and YNJG, which was signed in October 2010. This project, which was implemented in two phases, involved the construction of a sports training institute — in an area that occupies 90,479 square meters — in Bata City. The purpose of the project was to improve physical education in Equatorial Guinea and allow Equatorial Guinea to host international sports competitions. This project reportedly reached completion, but its precise implementation start and end dates are unknown.