Bank of China provides CFA 114.7 billion buyer's credit for Cocoa Bean Processing Plant Construction Project
Commitment amount
$ 222735773.16428438
Adjusted commitment amount
$ 222735773.16
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Cote d'Ivoire
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On May 8, 2020, Bank of China and the Government of Côte d'Ivoire signed a CFA 114,792,475,000 buyer’s credit loan agreement for the Cocoa Bean Processing Plant Construction Project. The borrowing terms of the loan are unknown. However, according to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), the loan is ‘non-concessional’ in nature. By April 30, 2022, the loan had achieved a 56.5% disbursement rate (CFA 64,939,743,000 out of CFA 114,792,475,000). A CFA 27,550,194,000 disbursement took place on January 31, 2022 and a CFA 37,389,549,000 disbursement took place on April 30, 2022. The purpose of this project is to construct two cocoa bean processing plants in Abidjan and San-Pedro. Each plant is expected to have a capacity of 50,000 tons of beans annually. Along with the plants, two storage warehouses with 300,000 tons capacity are planned to be constructed. After construction, China is planning to absorb 40% of the factories' production. This project is a part of a goal laid out by the Government of Côte d'Ivoire to process 100% of its cocoa beans by 2025. China Light Industry Design Engineering (CNDC), a unit of China Haisum Engineering Co., Ltd, signed on as contractors for the two plants. The construction for the Abidjan plant was said to be going smoothly in June 2021, but the exact start date and current progress is unknown. The construction of the San-Pedro plant began on October 20, 2022. The project’s originally expected completion date was December 31, 2022.
Additional details
1. The French project title is Projet de construction d'une usine de transformation de fève de Cacao or PCCIT _ Projet de construction d'un complexe industriel TRANSCAO - Usine de transformation de fève de Cacao _ Crédit acheteur. 2. The system identification number for this project in the Government of Côte d'Ivoire’s Aid Management Platform (AMP) is 1120071337135.
Number of official sources
1
Number of total sources
10
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Côte d'Ivoire (Ivory Coast) [Government Agency]
Implementing agencies [Type]
China Light Industry Design Engineering (CNDC) [State-owned Company]
China Haisum Engineering Co., Ltd [State-owned Company]