Narrative
Full Description
Project narrative
In 2017, the Export-Import Bank of China issued a $76 million USD overseas project contracting loan to the China Gezhouba Group Corporation (CGGC), a subsidiary of China Energy Engineering Group Company, for infrastructure work at the Al Mutlaa Residential City Project. The exact terms of the loan are unknown. CGGC’s scope of work included completing a 30 square km infrastructure network in the 120 square km residential city development as part of the Al Mutlaa Residential City, which was branded as part of the Belt and Road Initiative. The city was to accommodate 400,000 people. The CGGC group started the construction work in April 2017. CGGC had handed over the first batch of its housing infrastructure project to the authorities during October 2020. In March 2021, China Gezhouba Group Corporation (CGGC) announced in a statement that it had completed the main infrastructure work for the Al Mutlaa residential city project. The project was handed over to the Project Acceptance Committee consist of Public authority for Housing Welfare, Ministry of Public Works, Ministry of Interior, Ministry of Electricity and Water, Ministry of Agriculture and Fisheries.
Staff comments
1. This project is also known as the Al-Mutlaa Residential City Project. The Chinese project title is 科威特穆特拉住房基础设施建设项目 or 科威特南穆塔拉城项目 or 科威特南穆塔拉城基礎設施建設 or 南穆特拉住房基础设施项目. 2. Overseas Project Contracting Loans (In Chinese: 外承包工程款) are provided by China Eximbank to help Chinese companies finance overseas project contracts. They can be denominated in USD or RMB. Per China Eximbank policy, the contract cost that is financed by the should not be lower than 1 million USD. Goods and services exported from China under the contract should not be lower than 15% of contract cost.