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Overview

China Eximbank provides RMB 390.1 million government concessional loan for 64.2 km Golondrinas-Saguangal Highway Rehabilitation Project (Linked to Record ID#69246)

Commitments (Constant USD, 2023)$58,978,622
Commitment Year•2019Country of Activity•EcuadorDirect Recipient Country of Incorporation•EcuadorSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 11, 2019
Start (actual)
Dec 1, 2019
End (planned)
Sep 1, 2022
Last repayment
Apr 6, 2039

Geospatial footprint

Map overview

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The purpose of this project is to rehabilitate the 64.2 km Golondrinas-Saguangal (RVE E29) Highway and thereby connect the provinces of Imbabura and Esmeraldas. The highway will be two lanes, paved, and 15 meters wide. It will primarily run through Cotacachi (Santa Ana de Cotacachi) county and it will include a pedestrian crossing in Cielo Verde and support 10 bridges (including Manduriyacu Chico, Río Verde, Cielo Verde, Natividad, and Naranjal). More detailed locational information can be found at: https://www.openstreetmap.org/relation/1779682#map=10/0.3330/-78.6758.

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

Government Agencies

  • Government of Ecuador

Implementing agencies

Government Agencies

  • Ecuador Ministry of Transportation and Public Works
  • Government of Ecuador

State-owned companies

  • China Civil Engineering Construction Corporation (CCECC)

Loan desecription

China Eximbank provides RMB 390.1 million government concessional loan for 64.2 km Golondrinas-Saguangal Highway Rehabilitation Project

Grant element•43.7458%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

On November 4, 2019, China Eximbank and the Government of Ecuador signed an RMB 390,179,210 ($60,384,134) government concessional loan (GCL) agreement [CHINA EXIMBANK GCL No 2019 (15) Total No. 686 Serial No. 1420303022019113452] for the 64.2 km Golondrinas-Saguangal Highway Rehabilitation Project. The GCL carries the following borrowing terms: a 2% interest rate and a 20 year maturity. The borrower was expected to use the proceeds of the loan to finance a $59,061,587.07 commercial contract [PRF2A-MFTOP-2018] between Ecuador’s Ministry of Transport and Public Works (Ministerio de Transporte y Obras Públicas or MTOP) and China Civil Engineering Construction Corporation (CCECC). The loan’s (principal) outstanding amount was $33,266,861.31 as of December 31, 2021 and $33,436,099.23 as of November 30, 2022. The purpose of this project is to rehabilitate the 64.2 km Golondrinas-Saguangal (RVE E29) Highway and thereby connect the provinces of Imbabura and Esmeraldas. The highway will be two lanes, paved, and 15 meters wide. It will primarily run through Cotacachi (Santa Ana de Cotacachi) county and it will include a pedestrian crossing in Cielo Verde and support 10 bridges (including Manduriyacu Chico, Río Verde, Cielo Verde, Natividad, and Naranjal). China Civil Engineering Construction Corporation (CCECC) is the contractor responsible for implementation. Construction commenced in December 2019. By December 2021, the project has achieved a 45% completion rate. The project was originally expected to reach completion in 2022.

Staff comments

1. One source identifies the commitment date of the loan as April 11, 2019 rather than November 4, 2019. This issue warrants further investigation. 2. This project is also known as the Phase 2 (Group A) of the Transportation Infrastructure Rehabilitation Project and Group A of the Transportation Infrastructure Reconstruction Project Phase II. 3. Phase 1 of the Transportation Infrastructure Reconstruction Project is captured via Record ID#59055. Phase 2 (Group B) of the Transportation Infrastructure Rehabilitation Project is captured via Record ID#69246. 4. The Spanish project title is El Proyecto de Reconstrucción de la Infraestructura del Transporte – Fase 2 – Grupo A or FASE II, VARIOS: RECTIFICACIÓN VÍA TRAMO LAS GOLONDRINAS or El Proyecto de Reconstrucción de la Infraestructura del Transporte – Fase 2 — Grupo A Carretera Golondrinas – Saguangal or la Apertura, Rehabilitación, Rectificación y Mejoramiento de la vía RVE E29 Las Golondrinas – Saguangal de 64,2 Km de longitud, ubicada en la provincia de Imbabura. The Chinese project title is 灾后重建交通基础设施二期A组项目. 5. This China Eximbank loan is not captured in the China-Latin America Finance Database maintained by Boston University and Inter-American Dialogue. Nor is it included it in the China’s Overseas Development Finance Dataset maintained by Boston University's Global Development Policy Center. 6. The Ecuadorian Ministry of Finance loan identification number is 23201000.