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Overview

China Eximbank provides $255 million loan for Kansonyah 5,000 Social Housing Units Project

Commitments (Constant USD, 2023)$256,605,555
Commitment Year•2018Country of Activity•GuineaDirect Recipient Country of Incorporation•GuineaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2018
Start (actual)
Nov 11, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned companies

  • Société Nationale d'Aménagement et la Promotion Immobilière de Guinée (SONAPI)

Implementing agencies

State-owned companies

  • Sinohydro Corporation Limited

Guarantors

Government Agencies

  • Government of Guinea

Loan desecription

China Eximbank provides $255 million loan for Kansonyah 5,000 Social Housing Units Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2018, China Eximbank and Société Nationale d'Aménagement et la Promotion Immobilière de Guinée (SONAPI or 是几内亚国家房地产公司) — a state-owned company in Guinea — signed a $255 million loan agreement for the Kansonyah 5,000 Social Housing Units Project. The Government of Guinea issued a sovereign guarantee in support of the loan. The borrower (SONAPI) was expected to use the loan proceeds to finance 85% of the cost of a $300 million commercial (EPC) contract that it signed with PowerChina in September 2016. The Kansonyah 5,000 Social Housing Units Project will involve the construction of 5,000 housing units — and supporting infrastructures such as roads, schools, stadiums, mosques, and police stations — in Kansonyah within the Coyah prefecture. The project is the first phase of a larger plan called ‘The New City of Kansonyah,’ and includes 50,000 social housing of medium and high standings (11.9 km2), a highway (22KM) with 2 lanes in each direction connecting Kansonya and Kaloum, an administrative and financial district (250 ha), a circular road, and two 5-star hotels and luxury villas. PowerChina is the EPC contractor responsible for project implementation. Construction began on November 11, 2018.

Staff comments

1. The French project title is Construction de 5,000 Logements à Kansoyah or Construction de 5,000 Logements Sociaux à Kansoyah. The larger 50,000 housing project is titled « Nouvelle Cité » in French. The Chinese project title is 5万套社会福利 安子房 or 几内亚首都郊区建设5万套社会福利安居房 or 几内亚国家安居房项目 or 几内亚国家安居房项目一期（5000套）or 蓝邦尼新城安居房项目. 2. This record has been marked as having evidence of financial distress because it was part of the debt restructuring agreements captured in records #95553, #95554, and #107137 .