Completed Mixed AidData Chinese Aid

China Eximbank provides buyer's credit loan for Phase 2 of Diamniadio Integrated Industrial Park Project

$95.8M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Senegal
Country	Senegal
Start Date	Jan 01, 2020
End Date	Sep 24, 2027
Duration	2,823 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92563`

Grant Description

China Eximbank provides buyer's credit loan for Phase 2 of Diamniadio Integrated Industrial Park Project In 2020, the Sichuan Branch of China Eximbank and the Government of Senegal's Ministry of Industry signed a buyer's credit loan (BCL) agreement worth approximately $95,795,000 (CFA 60 billion) for Phase 2 of the Diamniadio Integrated Industrial Park Project.

📋 Loan / Grant Terms

💰 Loan Amountare as follows: 20

📅 Maturity20.4 years

💹 Interest Rate2%

However, it is known that the borrower is expected to use the loan proceeds to partially finance a $112,700,000 commercial contract with Sichuan Road and Bridge Group (SRBG) and CGCOC Group Co., Ltd. (CGCOC), which was signed in November 2019.

As of June 20, 2022, a total of XOF 20,567,241,067 of the loan had been disbursed, XOF 1,118,387,067 over what was originally committed.

The purpose of the project is to build a 40-hectare industrial park about 26 km east of Dakar — in the new settlement of Diamniadio. Phase 2 involves 235,000 square meters of hangar space, a building and a logistics park.

Upon completion of Phase 2, it is expected that the industrial park will have 17 hangars that can house companies as well as a housing estate accommodate up to 1,400 people with all of the necessary urban amenities.

Sichuan Road and Bridge Group (SRBG) and CGCOC Group Co., Ltd. (CGCOC) are the contractors responsible for Phase 2 implementation. On November 22, 2018, the first phase of Diamniadio integrated industrial park was officially inaugurated. At the end of the first phase, the industrial park, which covered 13 hectares, was functioning and fully occupied.

It contained three Type-A hangars with a total area of 7,200 square meters, a Type-B hangar with a total area of 4,910 square meters, and an administration building with a total area of 4,910 square meters.

The industrial park, which was designated as a special economic zone (SEZ), was originally expected to create more than 23,000 jobs by 2023.

Several industrial and service firms already established themselves at the park by the end of the project’s first phase, including C&H Garments, a Chinese company that specializes in the fabrication of sports equipment. Then, on June 18, 2019 and June 19, 2019, a formal foundation-laying ceremony took place for Phase 2.

Then, in November 2020, a preliminary working group was organized to carry out geological survey research for the project. A project implementation team mobilized on-site in June 2021. Then, on July 6, 2021, a former commencement ceremony for Phase 2 took place. Construction commenced in December 2021 and ended on December 5, 2023.

The project was originally scheduled to reach completion within 24 months (December 2023).

📋 Staff Comments

This project is also known as the DIIP2 Project. The French project title is Phase 2 du projet de parc industriel intégré de Diamniadio or la phase 2 de la Plateforme industrielle internationale de Diamniadio (P2ID). The Chinese project title is 加姆尼亚久工业园二期项目 or 塞内加尔工业园 or 塞内加尔加姆尼亚久综合工业园二期项目.
As of May 2022, this China Eximbank loan was not included in the China’s Overseas Development Finance Dataset maintained by Boston University's Global Development Policy Center. Nor was it included in the China’s Global Energy Finance Database maintained by Boston University's Global Development Policy Center.
The precise face value of the buyer's credit loan. Per China Eximbank policy, AidData assumes for the time being that the face value of the buyer's credit loan was worth 85% of the cost of the underlying commercial contract that it financed (0.85*$112,700,000=$95,795,000) This issue warrants further investigation.
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 Senegal was 2% in 2020. AidData estimates the interest rate of the China Eximbank loan that supported Phase 2 of the Diamniadio Integrated Industrial Park Project by using this figure. This issue warrants further investigation.
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 Senegal was 20.4-years in 2020. AidData estimates the maturity of the China Eximbank loan that supported Phase 2 of the Diamniadio Integrated Industrial Park Project by using this figure. This issue warrants further investigation.
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 Senegal was 7.9-years in 2020. AidData estimates the grace period of the China Eximbank loan that supported Phase 2 of the Diamniadio Integrated Industrial Park Project by using this figure. This issue warrants further investigation.

📚 Sources & References

Belt and Road Cooperation: Shaping a Brighter Shared Future
塞内加尔加姆尼亚久工业园二期工程勘察设计招标公告
中机中联成功中标塞内加尔加姆尼亚久工业园Ⅱ期项目
塞内加尔加姆尼亚久工业园二期工程勘察设计招标公告
四川省铁路产业投资集团公司
PCP Senegal_2018 Annual Report
PCP_Senegal_2020
Les travaux de la deuxième phase du parc industriel intégré de iamniadio lancés
Sénégal : 60 milliards FCFA pour la seconde phase du parc industriel de Diamniadio
Phase-2-de-la-Plateforme-Industrielle-de-Diamniadio-A-travers-ce-projet
Sénégal : le président lance la 2ème phase du parc industriel financé par la Chine
塞内加尔加姆尼亚久工业园二期项目钢结构制作安装工程招标公告
塞内加尔加姆尼亚久工业园二期项目开工建设
塞内加尔加姆尼亚久工业园二期项目举办开工仪式, 07 July 2021 集团公司承建的塞内加尔工业园二期项目举行开工庆典
中地海外集团塞内加尔公司
进出口银行的非洲足迹—塞内加尔篇
Macky Sall on Twitter
构建中非命运共同体_中国进出口银行
Advancing Industrialization
Parc industriel de Diamniadio
Phase two of China-aided Diamniadio Industrial Park project launched in Senegal
PROGRAMME D’INVESTISSEMENTS PUBLICS ECHEANCIER DES PROJETS (PIP) 2023-2025:
四川路桥、中地海外塞内加尔加姆尼亚久工业园二期项目开工
塞内加尔工业园
多种金融产品支持塞内加尔工业园项目
热烈祝贺塞内加尔加姆尼亚久国际工业园二期项目顺利启动
塞内加尔加姆尼亚久工业园Ⅱ期工程勘察项目正式开工
塞内加尔加姆尼亚久工业园（二期）项目全面封顶
进出口银行四川省分行：砥砺奋进再出发助推四川高质量发展
SENEGAL-CHINE-INDUSTRIE / Diamniadio : la deuxième phase du parc industriel inaugurée en octobre
Les chiffres clés du projet
PROJET PLATEFORME INDUSTRIELLE DE DIAMNIADIO
中塞共建“一带一路”再结硕果——塞内加尔迪亚姆尼亚久国际工业园二期项目竣工
中企承建塞内加尔迪亚姆尼亚久工业园二期项目举行竣工仪式
中国进出口银行四川省分行提供多种金融产品支持塞内加尔工业园项目
中企承建塞内加尔迪亚姆尼亚久工业园二期项目举行竣工仪式
Au Sénégal
Macky Sall inaugure la deuxième phase de la plateforme industrielle intégrée de Diamniadio
Phase 2PID : Macky révèle qu'il a été inspiré pendant sa visite du Parc Shenzhen en Chine
Le Sénégal stimule son développement industriel
A New State of Lending: CHINESE LOANS TO AFRICA
四川路桥、中地海外塞内加尔加姆尼亚久工业园二期项目开工 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.