CDB provides $185.7 million loan for Malabo University Campus Construction Project

On August 16, 2013, the Government of Equatorial Guinea and China Machinery Engineering Corporation (CMEC) signed a $308.02 million (EUR 237.8 million) commercial contract for the Malabo University Campus Construction Project. China Development Bank and the Government of Equatorial Guinea subsequently singed an $185,703,156.66 loan agreement for the Malabo University Campus Construction Project. The borrowing terms of the loan are unknown. However, it is known that the borrower was expected to use the proceeds of the loan to partially finance the commercial contract that was signed on August 16, 2013. According to Caja Autónoma de Amortización de la Deuda Pública within Equatorial Guinea’s Ministry of Finance and Budget, the CDB loan had not disbursed as of December 31, 2019. As such, no principal or interest repayments had been made as of December 31, 2019. The purpose of the project is to construct a new campus for Malabo University in the city of Malabo. More specifically, the project involves the construction of educational buildings, administrative buildings, dormitories, and sports fields. CMEC is the EPC contractor responsible for implementation. The project commenced in 2013 and it was originally expected to require 30 months of implementation time. However, as of 2019, the project had only achieved a 60% completion rate. On September 22, 2019, CMEC Deputy Party Secretary and General Manager Han Xiaojun inspected the project site.

Additional details

1. The Spanish project title is Campus Universitário de Malabo or El Proyecto de Campus Universitario de Malabo. The Chinese project title is 赤道几内亚马拉博大学城项目 or 赤道幾內亞馬拉博大學城建設項目. 2. The CDB loan for the Malabo University Campus Construction Project is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. Nor is it included it in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020. 3. The face value of the loan is drawn from ‘Cuadro General de la deuda al 31/12/2019’ from the Caja Autónoma de Amortización de la Deuda Pública within Equatorial Guinea’s Ministry of Finance and Budget.

Number of official sources

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Number of total sources

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