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China Eximbank provides RMB 485.7 million government concessional loan for Phase 1 of Post-Earthquake Transportation Infrastructure Rehabilitation Project

¥485.7M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Ecuador
Country	Ecuador
Start Date	Dec 12, 2018
End Date	Oct 15, 2033
Duration	5,421 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59055`

Grant Description

China Eximbank provides RMB 485.7 million government concessional loan for Phase 1 of Post-Earthquake Transportation Infrastructure Rehabilitation Project On December 12, 2018, China Eximbank and the Government of Ecuador signed an RMB 485.7 million ($69,382,210) government concessional loan (GCL) agreement for Phase 1 of the Post-Earthquake Transportation Infrastructure Rehabilitation Project.

📋 Loan / Grant Terms

📅 Maturity20 years

⏳ Grace Period5 years

💹 Interest Rate2%

The borrower was expected to use the proceeds of the GCL to finance a $69,382,210 commercial contract between the Government of Ecuador’s Ministry of Transport and Public Works (Ministerio de Transporte y Obras Públicas or MTOP) and a consortium consisting of China Road and Bridge Corporation (CRBC) and China National Electronics Import & Export (CEIEC).

The loan’s (principal) outstanding amount was $57,639,855.43 as of December 31, 2021 and $56,859,060.10 as of November 30, 2022.

The purpose of the project is to repair and rehabilitate infrastructure in Manabi, Esmeraldas, and Manta provinces due to damages from an April 2016 earthquake.

More specifically, the project involves (1) the reconstruction of Eloy Alfaro International Airport in the northern city of Manta, (2) the construction of a 40-meter Canuto bridge (el Puente de Canuto), (3) the construction of the 30-meter Pimpiguasí Bridge (el Puente de Pimpiguas), and (4) the rehabilitation of the 33.8 km Quininde-Las Golondrinas highway in Esmeraldas Province.

The 4,927-square-meter airport will boast a 36.6-meter-high control tower, taller than its predecessor, and will be able to accommodate Boeing 747-400 aircraft.

The reconstructed Eloy Alfaro International is expected have the capacity to receive 115,000 passengers a year, as compared to its baseline level of capacity (50,000 passengers a year). This project component is also expected to generate 800 jobs, including 300 direct jobs for the local labor force.

This airport is located Manta, Manabi's second-largest city.

The reconstruction of the 33.8 km Quinindé-Las Golondrinas highway will connect Esmeraldas province with the neighboring Imbabura province and it will be part of the E29 State Road Network.

This project component also includes construction of two bridges over the Guayllabamba river (177m) and Duana river (28m), and a 20.7m pedestrian bridge. The Canuto bridge is 40 meters long and crosses Ecuador's Rio Grande, in Canuto, Chone.

It is located on the Chone - Canuto - Calceta - Junín - Pimpiguasí highway (E-384 State Road Network) in the province of Manabí. The Pimpiguasí bridge is 30 meters long, and is located over the Río Chico. It connects Pimpiguasí of Portoviejo with the districts of Junín, Bolívar and Chone.

It is located on the Chone - Canuto - Calceta - Junín - Pimpiguasí highway (E-384 State Road Network) in the province of Manabí.

The Canuto bridge and the Pimpiguasí bridge are jointly expected facilitate the mobility of 1,368 vehicles that drive daily on this road, benefiting 32,000 residents and indirectly 434,197 more people. CRBC and CEIEC were the contractors responsible for project implementation. On November 23, 2018, the Ministry of Transportation of Ecuador held a project commencement ceremony.

Then, on January 23, 2020, the Ministry of Transport and Public Works authorized vehicular traffic on the Canuto bridge. On March 11, 2020, the Canuto and Pimpiguasí bridges were officially inaugurated.

As of February 5, 2020, the Quinindé-Las Golondrinas highway reconstruction project subcomponent had achieved a 25% completion rate. By April 2021, it had achieved a 50% completion rate. As of July 2, 2020, the reconstruction of Eloy Alfaro International Airport had achieved a 55% completion rate. This project component was originally expected to reach completion by May 15, 2020.

A handover ceremony for Eloy Alfaro International Airport was held on December 5, 2022.

📋 Staff Comments

This project is also known as the Phase 1 of Transportation Infrastructure Rehabilitation Project or the Transportation Infrastructure Reconstruction Phase I Project. The Spanish project title is el Proyecto de Reconstrucción de la Infraestructura del Transporte Fase I or FASE I RECONSTRUCCION INFRAESTRUCTURA VIAL (GOLONDRINAS, PUENTES CANUTA Y PINPUGUASI, Y ADAPTABILIDAD AEROPUERTO).
The Chinese project title is 厄瓜多尔交通部灾后重建一期项目.
The Ecuadorian Ministry of Finance loan identification number is 23196000.

📚 Sources & References

Ecuador clinches $900 mln loan from China -Moreno
Créditos chinos para agilizar obras ofrecidas por terremoto
China-Latin America Finance Database
China Eximbank Signed Loan Agreement on Transportation Infrastructure Reconstruction Phase I Project with the Ministry of Economy and Finance of Ecuador, 2019 Bond Prospectus Government of Ecuador
RESOLUCION No. 079-VIT-2019
Fuentes de financiamiento Atención Inmediata
Reconstrucción y Reactivación Productiva Terremoto 16 A*
Contratos de créditos externos 2018 al 2019
China-Latin America Finance Database
Ecuador: Government secures US$1,185mil resources for investments
Ecuador returns to finance with China after eleven months
En China se logran $ 900 millones a la tasa más baja de la historia
The 'Belt and Road' Initiative Has Brought Rare Opportunities to Latin America
CAUTIOUS CAPITAL: CHINESE DEVELOPMENT FINANCE IN LAC, 2018
Chinese companies bring lasting 'radical change' to Ecuador
MTOP habilitó la circulación vehicular en los puentes Canuto y Pimpiguasí
MTOP inauguró los puentes Canuto y Pimpiguasí en Manabí
Aeropuerto, vía y dos puentes a contratación
MTOP construye dos puentes en Manabí
Programa de Becas para Investigadores sobre China del Centro de Estudios China-México 2019
MTOP avanza la construcción de los puentes en Pimpiguasí y Canuto
Ministry of Transportation of Ecuador Holds the Commencement Ceremony for Post-disaster Reconstruction Project (Phase I)
Inició la hincada de pilotes para los puentes de Canuto y Pimpiguasí en Manabí
El puente de Pimpiguasí registra avance del 96%
Construcción del puente Pimpiguasí registra avance del 70 %
PORTOVIEJO
Se retrasa la construcción de puente en Pimpiguasí
Acta de Reunión No. 004 de la Comisión Técnica para la Precalificación de Idoneidad para el “Proyecto de Reconstrucción del la Infraestructura del Transporte - Fase 1”
Corredores estatales serán repotenciados con créditos internacionales
Continúan los trabajos en la Vía Quinindé – Las Golondrinas
Boletínes de Prensa Año Enero---Octubre
Ecuador registra un avance del 50% en la vía Quinindé – Las Golondrinas
China's BRI provides development opportunity for Ecuador
Ambassador Chen Guoyou inspected my assistance to post-Earth reconstruction projects and visited relevant Chinese-funded enterprises.
Ecuador starts to reconstruct int'l airport affected by earthquake
Delegación del Eximbank visitó Manabí para conocer proyectos de inversión
Aeropuerto de Manta registra avance del 55 %
Ministro verificó las obras del Aeropuerto de Manta que se entregará en mayo de 2020
Aeropuerto de Manta con un 44% de avance en su rehabilitación
Airport- (Operative
Under Re-Construction)
Ecuador tras la firma de un TLC con China, 2019 Bond Prospectus Government of Ecuador
Contratos de créditos externos 2018 al 2020 cifras en miles
PROYECTO DE RECONSTRUCCIÓN DE LA INFRAESTRUCTURA DEL TRANSPORTE (FASE 1)
Invitación para determinar la idoneidad de contratistas para la ejecución de obras multimodales del Ministerio de Transporte y Obras Públicas a ser financiadas por el Eximbank de China
Ecuador concreta cinco operaciones de financiamiento por $ 1.185 millones
Contratos de créditos externos 2018 al 2021
Cuatro nuevos créditos que aprobó Ecuador son para proyectos de inversión y uno es de libre disponibilidad
China's Overseas Development Finance
对外投资合作国别（地区）指南: 厄瓜多尔（2019年版）
DETALLE-DE-FONDO-ORGANISMO-CORRELATIVO 2020
Cuaderno-Estadístico-Agosto-2022
Estadísticas Deuda Pública
Base-de-Datos-Boletin-de-Deuda-Noviembre-2022
Cuaderno-Estadístico-Boletín
厄瓜多尔总统出席公司联营体承建的曼塔国际机场启用仪式
进出口银行与厄瓜多尔经济与财政部签署厄瓜多尔灾后重建一期（交通基础设施）项目贷款协议, “这是一条致富路”（共建“一带一路”·第一现场）
进出口银行融资支持的厄瓜多尔灾后重建一期项目公路举行竣工通车仪式
December 2019-2019 Internal and External Credit Contracts
Contratos de crédito externos e internos (2018-2022) 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.

All Grantees

Government of Ecuador

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