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Overview

Bank of China provides EUR 89.9 million buyer's credit for 80 km Korhogo-M'Bengué Road Asphalting Project

Commitments (Constant USD, 2023)$97,212,734
Commitment Year•2023Country of Activity•Cote d'IvoireDirect Recipient Country of Incorporation•Cote d'IvoireSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 30, 2023
Start (actual)
Jun 10, 2023
End (planned)
Dec 10, 2025
First repayment (originally scheduled)
Mar 29, 2026
Last repayment (originally scheduled)
Mar 26, 2038

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project provided EUR 89.9 million buyer's credit for 80 km Korhogo-M'Bengué Road Asphalting Project. The project will pave (asphalt) a 75 km road between Korhogo and M'Bengué. More detailed locational information can be found at: https://www.openstreetmap.org/way/37795894, https://www.openstreetmap.org/way/488290298, https://www.openstreetmap.org/way/688864389.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Government Agencies

  • Government of Côte d'Ivoire (Ivory Coast)

Implementing agencies

Private Sector

  • Etablissement Koné Daouda Soukpafolo (EKDS) Nouvelle

State-owned companies

  • China Machinery Engineering Corporation

Loan desecription

Bank of China provides EUR 89.9 million buyer's credit for 80 km Korhogo-M'Bengué Road Asphalting Project

Grace period•3 yearsGrant element•25.0899%Interest rate (t₀)•5.312%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•15 years

Narrative

Full Description

Project narrative

On March 30, 2023, the Government of Côte d’Ivoire signed an EUR 89 ,906, 182.12 (CFA 58,974,589,426.17) buyer’s credit agreement with Bank of China for the 80 km Korhogo-M'Bengué Road Asphalting Project. The borrowing terms of the loan include a 15-year maturity, a 3-year maturity, an interest rate of 6-month EURIBOR plus a 2% margin, and a 0.75% commitment fee. The borrower was expected to use the proceeds of the loan to partially finance the cost of a CFA 64,045,073,128 commercial contract with China Machinery Engineering Corporation (CMEC). According to the Government of Côte d’Ivoire’s Aid Management Platform (PGFE), the loan had not disbursed as of June 2025. Effective funding date had also been updated to December 31, 2025. The purpose of the project is to pave (asphalt) an 75 km road between Korhogo and M'Bengué, and thereby facilitate the transport of agricultural products between those towns as well as with Mali. CMEC and Etablissement Koné Daouda Soukpafolo (EKDS) Nouvelle — a local construction firm in Côte d’Ivoire — are jointly responsible for project implementation. Their work will be overseen by Agence de Gestion des Routes (AGEROUTE). Construction began on or around June 10, 2023 and the project was originally scheduled to reach completion within 30 months (December 10, 2025).

Staff comments

1. The French project title is Projet de construction de la route M'BENGUE - KORHOGO. 2. The project identification number in the Government of Côte d’Ivoire’s Aid Management Platform (PGFE) is 1120071344075. 3. The AMP identifies the following locational coordinates for the route of the road: 10.00040874456897, -5.899658203125; 9.8164270651089, -5.8282470703125; 9.760941851420757, -5.821380615234375; 9.721690627341165, -5.83099365234375; 9.670251017687507, -5.793914794921874; 9.660774440467502, -5.758209228515625; 9.575473268620033, -5.667572021484375; 9.456286594375449, -5.635986328124999. 4. The loan's borrowing terms are drawn from the following official source: https://www.dgf.gouv.ci/images/app/contenu/185/2023-etat-des-conventions-signees-dette-exterieure.pdf 5. The loan agreement was initially signed on December 23, 2020. However, it did not disburse between December 2020 and March 2023. The loan agreement was then re-issued on March 30, 2023 (see https://www.dgf.gouv.ci/images/app/contenu/185/2023-etat-des-conventions-signees-dette-exterieure.pdf). For the time being, AidData treats March 30, 2023 as the loan commitment date.