Active Mixed AidData Chinese Aid

China Eximbank provides $285.9 million preferential buyer’s credit for 112MW Gribo Popoli Hydropower Plant Construction Project

$285.93M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Cote d'Ivoire Ministry of Economy and Finance\|Cote d'Ivoire Ministry of Petroleum, Energy and New Energy Development\|Cote d'Ivoire Ministry of State Affairs\|Government of Cote d'Ivoire
Country	Cote d'Ivoire
Start Date	Oct 09, 2019
End Date	Sep 19, 2031
Duration	4,363 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59809`

Grant Description

China Eximbank provides $285.9 million preferential buyer’s credit for 112MW Gribo Popoli Hydropower Plant Construction Project In October 2015, the Chinese Government and the Government of Cote d'Ivoire discussed the possibility of working together to implement the 112MW Gribo Popoli Hydropower Plant Construction Project.

Then, on October 9, 2019, China Eximbank and the Government of Cote d'Ivoire signed a $285,928,798.53 (CFA 171,557,279,118) preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC NO. (2019) 11 TOTAL NO. (494)] for the 112MW Gribo Popoli Hydropower Plant Construction Project. The PBC agreement was ratified by the Ivorian Government on January 8, 2020.

It entered into force on March 9, 2020. The borrowing terms of the PBC are unknown.

However, it is known that the borrower is expected to use the proceeds of the PBC to finance 85% of the cost of a $336,386,821.80 commercial contract (including a $30.5806 million risk deposit) between the Government of Cote d'Ivoire and SinoHydro 5th Bureau, which was signed in November 2017.

The Government of Cote d'Ivoire is also responsible for directly financing 15% ($50,458,023.27) of the commercial contract cost.

According to the Government of Cote d'Ivoire's Aid Management Platform (AMP), the China Eximbank loan had achieved a 80.6% disbursement rate (CFA 138,376,607,559.86 out of CFA 171,557,279,118) as of December 31, 2023. 12 China Eximbank loan disbursements (worth CFA 138,376,607,559.86) were made between 2021 and 2032: a CFA 28,025,899,865 disbursement on July 31, 2021, and a CFA 15,963,581,178.86 disbursement on December 31, 2021, a CFA 14,016,023,361 disbursement on March 31, 2022, a CFA 6,297,699,749 disbursement on June 30, 2022, a CFA 12,963,496,194 disbursement on August 31, 2022, a CFA 13,193,693,537 disbursement on December 31, 2022, a CFA 18,749,338,934 disbursement on March 31, 2023, a CFA 10,234,049,498 disbursement on May 31, 2023, a CFA 3,664,540,585 disbursement on June 30, 2023, a CFA 3,746,302,401 disbursement on July 31, 2023, a CFA 3,493,984,615 disbursement on August 31, 2023, and a CFA 8,027,997,642 disbursement on December 31, 2023.

The purpose of the project is to construct a 112.3 MW hydroelectric power plant in Gribo Popoli on the Sassandra River (downstream from Buyo dam site and the Soubré dam site) and 10 km of transmission lines.

The project also has a ‘project management’ component, involving an Environmental and Social Impact Assessment (ESIA), a Resettlement Action Plant (RAP) and an Environmental and Social Management Plan (ESMP). Upon completion, the power plant is expected to generate 580 gigawatt hours of electricity output.

SinoHydro 5th Bureau is the EPC contractor responsible for implementation. A formal groundbreaking ceremony took place on November 2, 2017. However, construction of the access road to the project site did not begin until January 2018. Several months later, in March 2018, construction of the diversion cofferdam and site facilities commenced.

The ESIA was launched in May 2018, and the first compensation payments to displaced households were also made during calendar year 2018. The Government of Cote d'Ivoire issued an advance payment to SinoHydro 5th Bureau in May 2020. However, it was not until October 11, 2021 that the construction team began to assemble the power plant and the dam.

Construction of the power plant and the dam began on October 27, 2021. On March 9, 2023, the overflow spillway was completed 100 days ahead of schedule. Then, on March 14, 2023, flow closure of the cofferdam took place. Dam impoundment took place on March 2, 2024. Project implementation is running behind schedule.

The project was originally expected to reach completion within 40 months (estimated end date: May 2021).

According to the Government of Côte d'Ivoire’s Aid Management Platform (AMP), the borrowing institution was delayed in its (advance) payment of $50,458,023.27 to the EPC contractor.

Another source of delay was the Government of Côte d'Ivoire’s request (through the Ministry of Finance and Economy or MEF) for an amendment whereby the lender would provide disbursements in proportion to the project’s completion rate (progress).

📋 Staff Comments

This project is also known as the 112 MW Gribo Popoli Hydroelectric Dam Project. The French project title is Barrage hydroelectrique de Gribo Popoli or projet d’aménagement hydroélectrique de Gribo-Popoli or CONSTRUCTION ET EXPLOITATION DU BARRAGE HYDROELECTRIQUE DE GRIBO POPOLI (112 MW). The Chinese project title is 格西波-波波里水电站 or 公司科特迪瓦格西波波波里水电站项目.
The AMP system identification number for the loan is 1120071334029. The AMP project code is 78043500042.
The AMP identifies the face value of the loan as CFA 171,557,279,118, which is slightly higher than the figures provided by other official sources. This issue warrants further investigation.
The project coordinator is BALET Maxime.
According to the World Bank's Debtor Reporting System (DRS), the weighted average grace period of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 6.0659-years in 2019. AidData estimates the grace period of the Export-Import Bank of China loan that supported the 112MW Gribo Popoli Hydropower Plant Construction Project by using this figure. See https://www.dropbox.com/scl/fi/i7f56vi0ix8drznpbaczg/Weighted-average-borrowing-terms-from-Chinese-Lenders-to-Ivory-Coast-April-2024-IDS-Data-Extraction.xlsx?rlkey=0uj6y8don6vdg39v28f1y4nwz&dl=0 6. According to the World Bank's Debtor Reporting System (DRS), the weighted average maturity of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 16.8699-years in 2019. AidData estimates the maturity of the Export-Import Bank of China loan that supported the 112MW Gribo Popoli Hydropower Plant Construction Project by using this figure. See https://www.dropbox.com/scl/fi/i7f56vi0ix8drznpbaczg/Weighted-average-borrowing-terms-from-Chinese-Lenders-to-Ivory-Coast-April-2024-IDS-Data-Extraction.xlsx?rlkey=0uj6y8don6vdg39v28f1y4nwz&dl=0 7. According to the World Bank's Debtor Reporting System (DRS), the weighted average interest rate of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Côte d'Ivoire was 2.1622% in 2019. AidData estimates the interest rate of the Export-Import Bank of China loan that supported the 112MW Gribo Popoli Hydropower Plant Construction Project by using this figure. See https://www.dropbox.com/scl/fi/i7f56vi0ix8drznpbaczg/Weighted-average-borrowing-terms-from-Chinese-Lenders-to-Ivory-Coast-April-2024-IDS-Data-Extraction.xlsx?rlkey=0uj6y8don6vdg39v28f1y4nwz&dl=0

📚 Sources & References

INAUGURATION DU BARRAGE HYDROELECTRIQUE DE SOUBRE ET POSE DE LA PREMIERE PIERRE DU BARRAGE HYDROELECTRIQUE DE GRIBO POPOLI
Côte d'Ivoire : trois nouveaux barrages hydroélectriques vont être construits par la Chine
Cote d'Ivoire: Apres Soubre
La Chine construit le barrage de Gribo-Popoli
科特迪瓦的机会
Update of the ECOWAS revised master plan for the development of power generation and transmission of electrical energy Final Report
唐卫斌大使视察苏布雷水电站项目
ELECTRICITE : LE GOUVERNEMENT MOBILISE 169,4 MILLIARDS DE FCFA POUR L’AMENAGEMENT DU BARRAGE DE GRIBO POPOLI
宁俊云出席科特迪瓦波波里项目启动会
张念木拜会科特迪瓦总理
科特迪瓦波波里电站贷款协议签署
科特迪瓦能源公司新任总经理来波波里项目进行考察
科特迪瓦波波里水电站大坝填筑正式启动
Cote d'Ivoire: Exim Bank of China lends €511.7m for water and electricity
CONSTRUCTION ET EXPLOITATION DU BARRAGE HYDROÉLECTRIQUE DE GRIBO POPOLI (112 MW) ET DU RÉSEAU D’ÉVACUATION D’ÉNERGIE ASSOCIÉ
Legislative and regulatory texts adopted by the Council of Ministers of 08/01/2020
PROJETS DE LOI ET D’ORDONNANCE
Communique of the Council of Ministers of Wednesday
January 08, 2020
Décrets, nominations, adolescent mort dans le train d’atterrissage d’un avion, ...: Les grandes décisions du premier Conseil des ministres de 2020.
Côte d’Ivoire : après celui de Soubré, le chinois Sinohydro va construire le barrage de Gribo-Popoli estimé à 307 millions $
Construction of the main structure of the Boboli hydropower station in Côte d'Ivoire starts
China Water Resources and Hydropower Fifth Engineering Bureau Co.
Ltd. Cote d'Ivoire Gesi Boboboli Hydropower Station Project
Construction of Cote d'Ivoire's Gesipo-Bobori hydropower project financed by the Export-Import Bank of China begins
GRIBO POPOLI hydroelectric development project
Projet d'aménagement hydroélectrique de GRIBO POPOLI
DECRET N°2020-10 DU 08 JANVIER 2020 PORTANT RATIFICATION DE L'ACCORD DE PRÊT N° CHINA EXIMBANK PBC N° (2019) 11 TOTAL N° (494)
D'UN MONTANT TOTAL DE DEUX CENT QUATRE-VINGT-CINQ MILLIONS NEUF CENT VINGT-HUIT MILLE SEPT CENT QUATRE-VINGT-DIX-HUIT VIRGULE CINQUANTE-TROIS (285 928 798,53) DOLLARS US
SOIT ENVIRON CENT SOIXANTE-NEUF MILLIARDS QUATRE CENT TRENTE ET UN MILLIONS CINQ CENT DIX- NEUF MILLE HUIT CENT QUATRE-VINGT-NEUF (169 431 519 889) FRANCS CFA CONCLU LE 09 OCTOBRE 2019
ENTRE LA BANQUE EXPORT-IMPORT DE CHINE (EXIMBANK CHINE) ET LA RÉPUBLIQUE DE CÔTE D'IVOIRE.
Gribo Popoli Hydroelectric Power Plant - Chexim Loan
Projet d'aménagement hydroélectrique de GRIBO POPOLI
Power China's Sustainable development in Africa - Press Release issued by Power Construction Corporation of China
AMP April 2024 Record -- Projet d'aménagement hydroélectrique de GRIBO POPOLI
Work flows smoothly at Cote d'Ivoire hydropower plant
Côte d’Ivoire-AIP/ CI-Energies procède à la mise en eau du barrage hydroélectrique de Gribo-Popoli
中国电建科特迪瓦格西波-波波里水电站项目提前60天实现下闸蓄水
MISE EN EAU DU BARRAGE DE GRIBO POPOLI
科特迪瓦格西波-波波里水电站大坝填筑到顶
中国进出口银行融资支持的科特迪瓦格西波—波波里水电站提前60天实现下闸蓄水
格西波-波波里水电站项目 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

Cote d'Ivoire Ministry of Economy and Finance|Cote d'Ivoire Ministry of Petroleum, Energy and New Energy Development|Cote d'Ivoire Ministry of State Affairs|Government of Cote d'Ivoire