China Eximbank provides $100 million loan for Phase 2 of Diamniadio Integrated Industrial Park Project

In 2019, China Eximbank and the Government of Senegal signed a $100 million (CFA 60 billion) loan agreement for Phase 2 of the Diamniadio Integrated Industrial Park Project. The borrowing terms of the loan are unknown. The purpose of the project is to build a 40-hectare industrial park about 26 km east of Dakar — in the new settlement of Diamniadio. Phase 2 involves 235,000 square meters of hangar space, a building and a logistics park. Upon completion of Phase 2, it is expected that the industrial park will have 17 hangars that can house companies as well as a housing estate accommodate up to 1,400 people with all of the necessary urban amenities. Sichuan Road and Bridge Group (SRBG) and CGCOC Group Co., Ltd. (CGCOC) are the contractors responsible for Phase 2 implementation. On November 22, 2018, the first phase of Diamniadio integrated industrial park was officially inaugurated. At the end of the first phase, the industrial park, which covered 13 hectares, was functioning and fully occupied. It contained three Type-A hangars with a total area of 7,200 square meters, a Type-B hangar with a total area of 4,910 square meters, and an administration building with a total area of 4,910 square meters. The industrial park, which was designated as a special economic zone (SEZ), was originally expected to create more than 23,000 jobs by 2023. Several industrial and service firms already established themselves at the park by the end of the project’s first phase, including C&H Garments, a Chinese company that specializes in the fabrication of sports equipment. Then, on June 18, 2019 and 19, 2019, a formal foundation-laying ceremony took place for Phase 2. A Phase 2 commencement ceremony took place on July 6, 2021. The project was originally scheduled to reach completion within 24 months (July 6, 2023). As of June 20, 2022, a total of XOF 20,567,241,067 of the loan had been distributed for this project, XOF 1,118,387,067 over what was originally committed by the Chinese.

Additional details

1. This project is also known as the DIIP2 Project. The French project title is Phase 2 du projet de parc industriel intégré de Diamniadio. The Chinese project title is 加姆尼亚久工业园二期项目. 2. As of May 2022, this China Eximbank loan was not included in the China’s Overseas Development Finance Dataset maintained by Boston University's Global Development Policy Center. Nor was it included in the China’s Global Energy Finance Database maintained by Boston University's Global Development Policy Center. 3. Some sources refer to the face value of the China Eximbank loan that supported this project as $100 million. Other sources identify the face value of the loan as $112,700,000. This discrepancy warrants further investigation.

Number of official sources

12

Number of total sources

22