China Eximbank provides RMB 586 million government concessional loan for Industrial Fishing Port Project (Linked to Record ID#57090)

Project narrative

On February 28, 2018, the Chinese Government and the Government of Mauritania signed a preferential loan framework agreement for the Industrial Fishing Port Project. Then, on July 15, 2019, China Eximbank and the Government of Mauritania signed an RMB 586 million ($87 million) government concessional loan (GCL) agreement for the the Capital Fishing Port Project. The loan agreement was ratified by Mauritania’s Parliament on January 4, 2021. The borrowing terms of the GCL are as follows: a 20 year maturity, a 5 year grace period, a 2% interest rate, a 0.25% management fee, and a 0.25% commitment fee. The proceeds of the GCL are to be used by the borrower to finance a commercial contract with China Road and Bridge Corporation (CRBC). The purpose of the project is to construct a multifunctional, industrial fishing port — located 28 kilometers south of the capital city of Nouakchott (also known as PK28 or the pole point located 28 km from Nouakchott) — with the capacity to produce 400,000 tons of fish per year. The project involves the dredging of a basin ad channel, the construction of protective dykes on the north and south sides, the construction of landing quays, and the construction of auxiliary buildings. The project is expected to generate 2,300 jobs, including 1,500 jobs during the construction phase and 800 permanent jobs. As of February 2022, AidData had not yet identified any evidence of project implementation.