ICBC London provides CFA 15.3 billion loan for San Pédro Stadium Construction Project and the Korhogo Stadium Construction Project (Linked to Project ID#60790 and Project ID#92249)

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), ICBC and Standard Bank issued a buyer’s credit loan worth CFA 77,346,969,238 to the Government of Cote d'Ivoire for the San Pédro Stadium Construction Project on March 6, 2018 (captured via Project ID#60790). The borrowing terms of this loan are unknown. However, it is known that Sinosure provided $81.67 million of credit insurance (covering the loan’s principal and interest). It is also known that the borrower was expected to use the proceeds of the loan to finance a commercial (EPC) contract between China Civil Engineering Construction Corporation (CCECC) and the Government of Cote d'Ivoire’s Ministry of Youth, Sports, and Leisure, which was also signed on March 6, 2018. As of April 2022, 4 disbursements (worth CFA 28,017,772,745) had been made through this loan: a CFA 3,410,847,701 disbursement on December 31, 2019, a CFA 6,257,514,416 disbursement on January 31, 2020, a CFA 2,774,324,403 disbursement on February 28, 2020, and a CFA 12,575,086,225 disbursement on April 30, 2021. According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), ICBC and the Government of Cote d'Ivoire also signed a CFA 64,767,380,324 loan agreement for the Korhogo Stadium Construction Project on March 6, 2018. 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 finance a commercial contract between the Government of Cote d'Ivoire and China National Building Material Group Co., Ltd. (CNBM), which was signed in March 2018. As of April 2022, 4 ICBC loan disbursements (worth CFA 31,351,220,060) had been made: a CFA 4,082,738,500 disbursement on December 31, 2019, a CFA 7,503,089,128 disbursement on January 31, 2020, a CFA 2,043,067,044 disbursement on February 28, 2020, and a CFA 14,722,325,388 disbursement on June 30, 2021. Additionally, according to the AMP, a loan — or bond issue contract (‘Contrat d'émission d'obligation Petrus’) — worth CFA 15,312,691,693.94 was issued by ICBC London to the Government of Cote d’Ivoire on December 13, 2018 in support of the San Pédro Stadium Construction Project and the Korhogo Stadium Construction Project. As of April 2022, this loan (captured via Project ID#92251) had not yet disbursed. The purpose of the San Pédro Stadium Construction Project is to construct a new 20,000-seat Olympic stadium (with an area of 22,409 m², 2,000 parking spaces, access roads, and water, sanitation, electricity, and fiber optic infrastructure) in the western city of San Pédro (San Pedro) and an athletes' village (including 32 villas with five rooms each). Another objective of the project is to rehabilitate four training grounds (including the Auguste Denise stadium, a technical college, and a municipal high school). The San Pedro Olympic stadium is being built 200 meters from the road at the south-eastern entrance to the city of San Pedro near the road to Abidjan. It is being built in preparation for the facility to host the 2023 African Cup of Nations football tournament. The Côte d’Ivoire Branch of China Civil Engineering Construction Corporation (CCECC) [CCECC-CI or 中国土木工程集团（科特迪瓦）有限公司] is the general EPC contractor responsible for implementation. China Railway 19th Bureau, China Railway Urban Construction Group (CRUC), and Omni Travaux (a French company) also appear to be serving as sub-contractors. On November 9, 2018, CCECC, China Railway 19th Bureau, and China Railway Urban Construction Group (CRUC) signed a cooperation agreement to carry out this project together. A groundbreaking ceremony took place on February 23, 2019. Construction was initially scheduled to end on December 31, 2020. However, as of June 13, 2020, Director General Mariame Koné of the Direction Office National des Sports (ONS) reported that the project had only achieved a 25% completion rate. Project implementation delays resulted from the Covid-19 pandemic and the Government of Cote d'Ivoire not paying CCECC in a timely manner (upon receipt of invoices). As of the last quarter of 2020, the construction of the stadium resumed. The purpose of the Korhogo Stadium Construction Project is to construct a 20,000-seat stadium in the town of Korhogo (with a parking lot to accommodate 2,000 vehicles and water, sanitation, electricity, and fiber optic infrastructure), construct a 3-star hotel with 50 beds, construct 32 (4x8) villas (with 5 rooms each) to support 4 teams, and either construct or rehabilitate training grounds for athletes and local high schools (including the Dominique OUATTARA high school stadium and the HOUPHOUETBOIGNY high school stadium). Upon completion, the 20,000-seat stadium is expected to host the 2023 Africa Cup of Nations. CNBM is the general EPC contractor responsible for project implementation. However, Metallurgical Corporation of China (MCC) is also involved (most likely as a subcontractor). Construction began on or around May 19, 2019. However, the project has faced multiple problems and delays due to the COVID-19 pandemic. Construction was at a standstill for much of 2020. It finally resumed in the last quarter of 2020. Project implementation also suffered from insufficient manpower (only 250 workers). 400 additional workers from China did not arrive until November 2020. Project implementation delays have also resulted from the Government of Cote d'Ivoire not paying CNBM in a timely manner (upon receipt of invoices). The project was originally scheduled to reach completion by May 13, 2021. However, as of April 2022, the project had only achieved a 70% completion rate.

Additional details

1. The system identification number for CFA 77.3 billion loan from ICBC and Standard Bank in the Government of Côte d'Ivoire’s Aid Management Platform (AMP) is 1120071329393. The system identification number for the CFA 64,767,380,324 ICBC loan in the Government of Côte d'Ivoire’s Aid Management Platform (AMP) is 1120071329392. The AMP system identification number for the CFA 15,312,691,693.94 loan (bond issue contract) from ICBC London is 1120071330047.

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