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Overview

MOFCOM provides RMB 60 million interest-free loan for unspecified purposes in November 2004

Commitments (Constant USD, 2023)$15,250,129
Commitment Year•2004Country of Activity•EthiopiaDirect Recipient Country of Incorporation•EthiopiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 2, 2004
First repayment (originally scheduled)
Oct 31, 2014
Last repayment (originally scheduled)
Jun 4, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

  • Addis Ababa City Administration
  • Ethiopia Ministry of Finance and Economic Development

Implementing agencies

Government Agencies

  • Addis Ababa City Administration

Loan description

MOFCOM provides RMB 60 million interest-free loan for unspecified purposes in November 2004

Grace period•10 yearsGrant element•75.6377%Interest rate (t₀)•0%Interest type•Fixed Interest RateMaturity•20.6 years

Narrative

Full Description

Project narrative

On November 2, 2004, China's Ministry of Commerce (MOFCOM) and the Government of Ethiopia's Ministry of Finance and Economic Development (MOFED) signed an RMB 60 million loan agreement for unspecified purposes. The loan carried a 20.6 year maturity (final maturity date: June 30, 2025), a 10 year grace period, and a 0% interest rate. The proceeds of the loan were on-lent by MOFED to the Addis Ababa City Administration. The loan was eventually rescheduled, such that the borrower was responsible for making ten, equal, consecutive, annual principal payments between December 31, 2028 and June 30, 2038.

Staff comments

1. The loan identification number in the Government of Ethiopia’s Debt Management and Financial Analysis System (DMFAS) is 20705000 and the corresponding project name in DMFAS is ‘GOV.CREDIT 2004 No.11’. See https://www.dropbox.com/scl/fi/je0aon75miofi6mt4q5q9/MOFED-Loan-Level-Data-on-Borrowing-Terms-and-Loan-Performance-September-2024_PUBLIC.xlsx?rlkey=murbb074v1px7g4njt0utzxnf&dl=0. 2. The Addis Ababa City Administration is a government executive organ of Addis Ababa, the capital of Ethiopia. It is governed by mayor.