China Eximbank provides $93.5 million buyer’s credit loan for Bata Five-Star Hotel 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 2010, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for the Bata Five-Star Hotel Construction Project. The proceeds of the loan were used by the borrower to finance a $110 million (or 51.4 billion CFA) commercial contract with China State Construction Engineering Corporation (CSCEC), which was signed on November 10, 2010. The estimated face value of loan is $93.5 million (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 a 5-star hotel in the city of Bata. It is located only 50 meters from the Atlantic Ocean. The building area is 50,000 square meters and the building height is 63.8 meters. It has one basement level and 16 floors above ground. Upon completion, it was expected to be the tallest building in Bata City. Construction began on July 28, 2012 and ended in November 2016.

Additional details

1. The Chinese project title is 巴塔宾馆 or 巴塔五星级宾馆项目 or 巴塔五星级宾馆 or 赤几巴塔宾馆项目 or 巴塔五星级宾馆项目 or 赤道几内亚马拉博3x6B燃机电厂扩容工程. 2. The Spanish project title is Construccion de un Hotel de 5 Estrellas en Bata.

Number of official sources

9

Number of total sources

10