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China Construction Bank provides $70.3 million loan for Video Surveillance Project
| Funder | China Construction Bank Corporation (CCB) |
|---|---|
| Recipient Organization | Government of Equatorial Guinea |
| Country | Equatorial Guinea |
| Start Date | Nov 01, 2019 |
| End Date | Nov 26, 2028 |
| Duration | 3,313 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 91780 |
Grant Description
China Construction Bank provides $70.3 million loan for Video Surveillance Project On June 28, 2019, Huawei Technologies Co., Ltd. submitted a financing proposal to the Government of Equatorial Guinea for a Video Surveillance Project.
Then, in November 2019, China Construction Bank and the Government of Equatorial Guinea signed a $70,325,843.26 loan agreement for a Video Surveillance Project.
It was backed by a Sinosure credit insurance policy.
The borrower was expected to us the proceeds of the loan to finance 85% of the cost of a $82.736.286.19 commercial contract between the Government of Equatorial Guinea and China National Technical Import and Export Corporation (CNTIC).
According to Caja Autónoma de Amortización (CAA) de la Deuda Pública within Equatorial Guinea’s Ministry of Finance and Budget, the loan's principal amount outstanding was $70,325,843.26 as of December 31, 2019. CNTIC was the general EPC contractor responsible for project implementation. However, Huawei Technologies Co., Ltd. appears to have also been involved (most likely as a subcontractor).
No additional details are available, but several Government of Equatorial Guinea sources refer to projects that involved the installation of a video surveillance camera system at the Presidential Palace, the installation of a video surveillance camera system at Malabo International Airport, and the installation of a video surveillance camera system at Malabo-Sipopo Highway.
Staff Comments
- This project is also known as the National Video Surveillance Supply and Installation Project. The Spanish project title is El Proyecto Videovigilancia or Sistema de Videovigilacia de Guinea Ecuatorial (FE) or Videovigilancia de GNQ or el proyecto de suministro e instalación de video vigilancia Nacional en Guinea Ecuatorial. The Chinese project title is 赤道几内亚国家视频监控项目2. This CDB loan is not included in the database of Chinese loan commitments that SAIS-CARI released in 2020 and re-released in 2021. Nor is it included it in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020.
- The face value of the loan is drawn from ‘Cuadro General de la deuda al 31/12/2019’ from the Caja Autónoma de Amortización (CAA) de la Deuda Pública within Equatorial Guinea’s Ministry of Finance and Budget.
- Various Government of Equatorial Guinea sources refer to El Proyecto de Instalacion de un Sistema de Camaras de Videovigilancia en el Aeropuerto Internacional de Malabo, El Sistema de Videovigilacia de Guinea Ecuatorial (FE), Instalacion de videovigilancia en la Autovia Malabo-Sipopo, and Suministro e instalacion del sistema de Videovigilancia en el Palacio Presidencial.
- A summary of the financing proposal from Huawei Technologies Co., Ltd. can be accessed via https://www.dropbox.com/scl/fi/xkhg9h6xv21ded40zmdny/huawei_technologies.pdf?rlkey=atedh5mr0qzjpttqhg35lf2kp&dl=0
Sources & References
- LEY DE PRESUPUESTOS GENERALES DEL ESTADO
- PROYECTO DE PRESUPUESTOS GENERALES DEL ESTADO 2020
- 赤道几内亚
- 对外投资合作国别（地区）指南 赤道几内亚 （2020年版）
- Equatorial Guinea: Communications Change Lives
- 赤道几内亚通信部部长：通信为非洲国家带来发展机遇
- Presupuesto Inversión Pública, [Email correspondence with subject line 'Documentos que todavia faltan relacionados a prestamos externo']
- Supply and Installation of National Video Surveillance of Equatorial Guinea, advance payment under the Project of Supply and Installation of National Video Surveillance of Equatorial Guinea
- Ministry of Finance of Equatorial Guinea's 2019 Borrowing Plan, huawei_technologies 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 Equatorial Guinea
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