Skip to content
AidData logo

Overview

MOFCOM reschedules RMB 50 million interest-free loan via maturity and grace period extensions

Commitment Year•2023Country of Activity•EthiopiaDirect Recipient Country of Incorporation•EthiopiaSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2023
Start (planned)
Dec 31, 2028
End (planned)
Jun 30, 2038
Last repayment (originally scheduled)
Jun 30, 2038

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This project reschedules RMB 50 million interest-free loan via maturity and grace period extensions to the Addis Ababa City Administration. More detailed locational information can be found at https://www.openstreetmap.org/way/715338029.

Stakeholders

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

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

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

Loan desecription

MOFCOM reschedules RMB 50 million interest-free loan via maturity and grace period extensions

Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

On December 15, 2003, China's Ministry of Commerce (MOFCOM) and the Government of Ethiopia's Ministry of Finance and Economic Development (MOFED) signed an RMB 50 million loan agreement for unspecified purposes. The loan carried a 21.5 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 20723000 and the corresponding project name in DMFAS is ‘CHINA GOVERT LOAN 2003/No.10’. 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. 3. The precise date on which the debt rescheduling agreement was signed is unknown. For the time being, AidData assumes that it was signed at the same time that the Government of Ethiopia signed an August 2023 debt rescheduling agreement with China Eximbank. This issue merits further investigation.