China Eximbank provides $207.6 million buyer’s credit loan for Vocational Training Institute Construction Project

On November 8, 2019, China Eximbank and the Government of Côte d'Ivoire signed a $207,624,861.17 (CFA 124,575,720,094.18) buyer’s credit loan (BCL) agreement for the Vocational Training Institute Construction Project. The borrowing terms of this loan are unknown. However, it is known that the borrower is expected to use the proceeds of the loan to finance 85% of the cost of a $244,264,542.56 (CFA 146,559,670 642.18) commercial contract (ID# AIPEC/CIZ/16M1096) between AVIC-INTL Project Engineering Company and Government of Côte d'Ivoire, which was signed on December 29, 2017. It is also known that the borrower purchased export buyer’s credit insurance from Sinosure. According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), the China Eximbank loan had achieved a 40.2% disbursement rate (CFA 50,155,306,224 out of CFA 124,575,720,094.18) as of December 31, 2022. China Eximbank made two loan disbursements worth CFA 50,155,306,224 in 2021 and 2022: a CFA 25,328,655,081 loan disbursement on March 31, 2021 and a CFA 24,826,651,143 loan disbursement on August 31, 2022. The purpose of the project is to design and construct 7 vocational training centers: the City of Professional Training of Abobo (La Cité de la Formation Professionnelle d'Abobo); the Yamoussoukro Vocational High School (Le Lycée professionnel de yamoussoukro); the multisectoral center of Korhogo (Le centre multisectoriel de Korhogo); the Gbéléban vocational training center (Le centre de formation professionnelle de Gbéléban); the professional training center of Tiébissou (Le centre de formation professionnelle de Tiébissou); the multisectoral center of Bouaké (Le centre multisectoriel de Bouaké); and Kong Vocational High School (Le Lycée professionnel de Kong). The project also involves a ‘training of the trainers’ component to assist with the operations and maintenance of the 7 centers. AVIC-INTL Project Engineering Company is the contractor responsible for project implementation. A foundation stone laying ceremony took place on January 24, 2022. Construction of the Gbéléban vocational training center (Le centre de formation professionnelle de Gbéléban) in the Denguélé region commenced on August 9, 2022. Then, on April 13, 2023, the Minister of Technical Education, Vocational Training and Apprenticeship, N'Guessan Koffi, visited the future site of vocational training center in Yamoussoukro. According to the AMP, the project’s originally expected completion date was December 31, 2026.

Additional details

1. The French project title is Projet de construction de 7 établissements de formation professionnelle_ AVIC _Crédit acheteur or Construction et Equipement de (07) Etablissements de Formation Professionnelle. The Chinese project title is 科特迪瓦职业培训学校项目. 2. The system identification number for this project in the Government of Côte d'Ivoire’s Aid Management Platform (AMP) is 1120071327489. The AMP project code is 78098001143. 3. This China Eximbank loan 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. 4. The commercial contract can be accessed in its entirety via https://www.dropbox.com/s/quz9mtrffo3u4vg/1_Contrat%20du%20projet%20d%C3%A9finitif%20sign%C3%A9%20par%20trois%20parties-20171229.pdf?dl=0

Number of official sources

6

Number of total sources

14