Bank of China contributes to $59.3 million loan for Phase 1 of 225kV Ebolowa-Kribi and 90kV Mbalmayo-Mekin Transmission Line Construction Project (Linked to Record ID#105318)

📋 Staff Comments

1. This project is also known as the Kribi, Ebolowa, Mbalmayo, and Njom-Yekombo Substations Project, the Ebolova-Kribi Power Transmission and Transformation Project, and the Project for the construction of the 225 kV electricity transmission line between Ebolowa and Kribi, the 90kV line between Njom-Yekombo and Mbalmayo and the 225/30kV substation in Kribi. The Chinese project title is 喀麦隆埃博洛瓦-克里比输变电项目. The French project title is le projet de 'construction des lignes de transport Ebolowa-Kribi (225 KV) et Mbalmayo-Mekin (90 KV) et leurs ouvrages connexes or LIGNE DE TRANSPORT ELECTRIQUE 225 KV EBOLOWA-KRIBI ET 90KV MBALMAYO- MEKIN.
2. An IMF Article IV Report indicates that the Government of Cameroon plans to also borrow funds (45.3 billion CFAF) for the second phase of the project, but AidData has not identified any evidence that a loan was ever finalized for the project’s second phase.
3. The Government of Cameroon’s identification number for this loan is L 262547. The loan identification number in the Government of Cameroon’s Commonwealth Secretariat Debt Recording and Management System (CS-DRMS or CSDRMS) is 2019103.
4. Some sources suggest that the commercial contract with TBEA Hengyang Transformer Co., Ltd. may have been signed (or amended) in February 2017. This issue warrants further investigation.
5. It appears that the project’s second phase will involve construction of a 225 KV transmission line between Ebolowa and Kribi and the construction of a 90 KV transmission line between Mbalmayo and Mekin (Njom-Yekombo). However, this issue requires further investigation.
6. Some sources indicate that the Government of Cameroon initially sought funding from ICBC, but it does not appear that these negotiations were successful.
7. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, a $56 million Bank of China loan is identified for this project. However, multiple official sources identify the face value of the loan as $59,312,348 and the financiers of the loan as China Development Bank and Bank of China. SAIS-CARI does not identify the borrowing terms of the loan. AidData relies on the borrowing terms that are recorded in a March 2021 publication of the Government of Cameroon’s Caisse Autonome d'Amortissements (CAA).
8. Given that the individual contributions of the banks are unknown, AidData assumes equal contributions ($29,656,174) across the two members of the loan syndicate. AidData Record ID#57596 records Bank of China's contribution and Record ID#105318 records the contribution from China Development Bank.

📚 Sources & References

• 中国银行湖南省分行签约湘企 助力“湘企出海”【红网】
• THIRD REVIEW UNDER THE EXTENDED CREDIT FACILITY ARRANGEMENT AND REQUESTS FOR A WAIVER OF NONOBSERVANCE OF A PERFORMANCE CRITERION AND MODIFICATION OF PERFORMANCE CRITERIA—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR CAMEROON
• State visit of the President of the Republic of Cameroon H. E. Paul BIYA to China
• SAIS-CARI Loans China
• PROJET DE LOI DE FINANCES PROJET DE PERFORMANCE ANNUEL POUR L'EXERCICE 2021
• NOUVEAUX ENGAGEMENTS AU 31 MAI 2019
• N O U V E A U X E N G A G E M E N T S A U 3 1 M A I 2 0 1 9
• Rapport Annuel 2019
• Cameroun: recherche de BET pour le suivi des travaux de TBEA Hengyang Transformer sur deux lignes électriques
• Cameroun: recherche de BET pour le suivi des travaux de TBEA Hengyang Transformer sur deux lignes électriques
• Home - MINEPAT Cameroun
• The minister of Water and Energy before the committee on Finance and the Budget of the national assembly
• Cameroon seeks $151mln from Industrial and Commercial Bank of China for energy projects
• DRS Official Commitments from China through 2020, 2020 Annual Report
• Government of Cameroon 2020 Register of Chinese Loans and Borrowing Terms Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.