Project ID: 684

ICBC provides $109.9 million buyer’s credit loan for Moanda Metallurgical Complex Construction Project

Commitment amount

$ 132828783.8

Constant 2017 USD

Summary

Funding agency [Type]

Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]

Recipient

Gabon

Sector

Industry, mining, construction (Code: 320)

Flow type

Export Buyer's Credit

Concessional

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Implementation

2009

2009-04-01

Actual start

Commitment year

2010

Completion

2015

2015-06-12

Actual

NOTE: This project began implementation and then later secured financing from a Chinese funding agency to continue project implementation

Geography

Description

On September 10, 2010, the Industrial and Commercial Bank of China (ICBC) and BNP Paribas signed a $157 million buyer’s credit loan agreement with Compagnie Minière de l'Ogooué (Comilog) for the Moanda Metallurgical Complex Construction Project. The Government of Gabon holds a 28.9% ownership stake in Comilog. The loan carries a 11.5 year maturity period, and an interest rate of 6-month LIBOR + a 4.3% margin (0.478% + 4.3% = 4.778%). ICBC provided 70% of the financing ($109.9 million) while BNP Paribas provide the remaining 30% ($47.1 million). BNP Paribas acted as the mandated lead arranger, facility agent and security agent. The first loan disbursement was scheduled for April 2011, and loan repayments were scheduled over 16 equal and consecutive semi-annual installments (which implies a 3.5 year grace period). The loan was insured by Sinosure. The Government of Gabon also issued a sovereign guarantee for 25% of the face value of the loan on July 14, 2011. This project involved the construction of the Moanda Metallurgical Complex (CCM) near the town of Moanda within Haut-Ogooué Province in south-east Gabon. The complex consists of two plants: a silico-manganese plant with a production capacity of 65,000 tons (which has been operational since August 2014) and a metal manganese plant with a production capacity of 20,000 tons (which has been operational since January 2015). Construction began in April 2009, and the President of the Republic of Gabon Ali Bongo Ondimba inaugurated the CCM on June 12, 2015. This $400 million project was initiated as part of a partnership between Eramet and Gabon’s state-owned mining company Société Equatoriale des Mines (SEM). ICBC agreed to provide 70% of the financing ($109.9 million) while BNP Paribas agreed to provide the remaining 30% ($47.1 million). BNP Paribas, as the implementing agency, would act as mandated lead arranger, facility agent and security agent.

Additional details

1. The French project title is Complexe Métallurgique de Moanda. 2. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. 3. AidData has coded this transaction as a collateralized loan because BNP Paribas was selected as the security agent (i.e. collateral agent) for the loan. When lenders take collateral as security for their loans, a collateral/security agent is often appointed to enforce rights against the collateral in the event of the borrower’s default under the loan.

Number of official sources

6

Number of unofficial sources

8

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Details

Cofinanced

Yes

Cofinancing agencies [Type]

BNP Paribas S.A. [Private Sector]

Receiving agencies [Type]

Compagnie Miniere de l'Ogooue (COMILOG) [State-owned Company]; Government of Gabon [Government Agency]

Implementing agencies [Type]

Compagnie Miniere de l'Ogooue (COMILOG) [State-owned Company]

Accountable agencies [Type]

Loan type

Concessional

Maturity

14 years

Interest rate

4.7780000000000005%

Grace period

4 years

Grant element

27.38797082%

Gurarantee provided

Yes

Insurance provided

Yes

Collateralized/securitized

Yes