Poly Technologies provides $39.8 million supplier credit for Acquisition of Two 46.8 Meter Patrol Vessels Project
Commitment amount
$ 60773145.40569688
Adjusted commitment amount
$ 60773145.41
Constant 2021 USD
Summary
Funding agency [Type]
Poly Technologies [State-owned Company]
Recipient
Ghana
Sector
Government and civil society (Code: 150)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On September 23, 2008, Poly Technologies — a subsidiary of China Poly Group Corporation — and the Government of Ghana signed a $39,862,066.50 supplier credit agreement for the Acquisition of Two 46.8 Meter Patrol Vessels Project. This supplier credit carried the following terms: 5 year maturity, 1 year grace period, and 5.9% interest rate. The proceeds from this supplier credit were used to purchase two 46.8 meter patrol vessels from Poly Technologies for the monitoring, control and surveillance operation in the fishery waters of Ghana. The ultimate objective of this project was to enable the Ghana Navy combat and deter piracy at sea, illicit drug trafficking, dumping of toxic waste, human trafficking and illegal fishing at sea. These vessels (called “Chemle” and “Ehoo”) were ordered in 2011 and delivered to the Ghana Navy in October 2011. The vessels were then commissioned on February 20, 2012.
Additional details
1. The Chinese project title is 四艘46米巡逻艇.
Number of official sources
8
Number of total sources
11
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Ghana [Government Agency]
Implementing agencies [Type]
Poly Technologies [State-owned Company]
Loan Details
Maturity
5 years
Interest rate
5.9%
Grace period
1 years
Grant element (OECD Grant-Equiv)
7.3602%