Project ID: 1074

China Eximbank provides RMB 250 million government concessional loan for MA60 Aircraft Acquisition Project

Commitment amount

$ 55298238.26

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Congo

Sector

Transport and storage (Code: 210)

Flow type

Loan

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2006

Implementation

2007

2006-06-19

Planned start

2007-09-02

Actual start

Completion

2007

2007-09-02

Actual

Description

On June 19, 2006, China Eximbank and the Republic of Congo signed an RMB 250 million government concessional loan (GCL) agreement [CHINA EXIMBANK GCL N°. 15 (2006) TOTAL No. (157)] for the MA60 Aircraft Acquisition Project. This loan was subsequently approved by a Republic of Congo decree (Decree 2007-319) on July 2, 2006. The loan carried the following terms: a maturity of 20 years, a grace period of 8 years, an interest rate of 2%, a management fee of 3.50%, and a commitment fee of 0.30%. The loan was to be used by the borrower to finance a commercial contract [N° ATE-CON-05M0165] between China National Aero-Technology Import & Export Corporation (CATIC, Chinese: 中航技进出口有限责任公司) and the Republic of Congo’s Ministry of of Transport and Civil Aviation, which was signed on December 13, 2005. The purpose of this project was to facilitate the acquisition of two MA60 aircraft to expand Air Congo’s existing fleet of aircraft. CATIC was the contractor responsible for implementation. The MA60s were manufactured by Xi'an Aircraft International Corporation. The aircraft were successfully delivered on September 2, 2007.

Additional details

This project is also known as the MA 60 Aircraft Acquisition Project or the MA-60 Aircraft Acquisition Project. The French project title is Project D'Acquisition D'Aeronefs MA 60. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it identifies the loan commitment year as 2007. However, AidData records the loan commitment year as 2006 based on the precise date (June 19, 2006) when the loan agreement [CHINA EXIMBANK GCL N°. 15 (2006) TOTAL No. (157)] was signed.The loan agreement can be accessed in its entirely at https://www.dropbox.com/s/cubdwica82budzg/2006%20China%20Eximbank%20Loan%20to%20Republic%20of%20Congo.pdf?dl=0, or see '2006 China Eximbank Loan to Republic of Congo' attached source.

Number of official sources

8

Number of unofficial sources

3

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Republic of Congo [Government Agency]

Implementing agencies [Type]

China National Aero-Technology Import & Export Corporation (CATIC) [State-owned Company]; Xi'an Aircraft International Corporation (XAIC) [State-owned Company]

Loan type

Concessional

Maturity

20 years

Interest rate

2.0%

Grace period

8 years

Management fee

3.5

Commitment fee

0.3

Grant element

57.3155951%

Gurarantee provided

No

Insurance provided

No