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

Project narrative

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 loan's principal amount outstanding was $185,703,156.66 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.