China Eximbank provides RMB 283.5 million government concessional loan for Achang Irrigation Development Project

Project narrative

On August 9, 2013, the Chinese Government and the Government of Cambodia signed a preferential loan framework agreement for the Achang Irrigation Development Project. Then, on October 16, 2013, the Export-Import Bank of China and the Government of Cambodia signed an RMB 283,500,000 government concessional loan (GCL) agreement [China EXIMBANK GCL No. 2013 (35) Total NO. (480)] for the Achang Irrigation Development Project. The borrowing terms of the GCL were as follows: 20-year maturity, 7-year grace period, and 1.25% interest rate. The proceeds from the loan were used to finance an EPC contract with Sinohydro Corporation Engineering Bureau 15 Co., Ltd. The purpose of this project was to construct a dam and improve irrigation systems in the Boribo River Basin along the northwestern border of Kampong Chhnang Province. Guangdong Hydropower Institute was the contractor responsible for project design. Sinohydro Corporation Engineering Bureau 15 Co., Ltd. was the contractor responsible for project implementation. The project was supervised by Guangzhou Wanan Construction Supervision Company. Construction began on November 3, 2014 and ended on August 23, 2017. Then, on April 12, 2018, Li An, the Chinese Economic and Commercial Counselor in Cambodia, and a representative of Guangzhou Wanan Construction Supervision Company conducted an on-site project inspection. The project was formally completed and handed over to the local authorities on August 22, 2018.