Project ID: 1096

Chinese Government provides RMB 81.48 million interest-free loan for Parliament Building Construction Project (Linked to #55597)

Commitment amount

$ 18730477.39

Constant 2017 USD

Summary

Funding agency [Type]

China Ministry of Commerce [Government Agency]

Recipient

Lesotho

Sector

Government and civil society (Code: 150)

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

2005

Implementation

2007

2007-06-17

Actual start

Completion

2012

2012-06-27

Actual

Geography

Description

During an official visit to Beijing in November 2005, Chinese President Hu Jintao pledged to grant funds and build a new parliament building in Lesotho on Mpilo Hill. China’s Ministry of Commerce subsequently provided an interest-free loan worth approximately RMB 81.48 million for the Parliament Building Construction Project. The proceeds of this loan were used to finance an EPC contact between Yanjian Group and Lesotho’s Minister of Public Works and Transport, which was signed on June 8, 2007. The project involved the construction of a 5-story building on Mpilo Hill covering 7116.6 square meters (see: Jun '07 ECCO). A formal groundbreaking ceremony took place on October 29, 2007. However, construction did not begin until June 17, 2007. The construction period was expected to take 20 months. However, several logistical delays slowed project implementation. The completed building was officially handed over to the Government of Lesotho on June 27, 2012. The Chinese Government subsequently dispatched a technical assistance team to maintain this building (see #55597). The interest-free loan that supported the construction of the building was also written-off in 2018 (see #55890).

Additional details

The Chinese project title is 莱索托议会大厦项目 or 莱索托议会大厦项目 or 我援莱议会大厦工程 or 莱索托议会大厦. Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20 years by default and grace period to 10 years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20 years, with a drawdown period of 5 years, grace period of 5 years, and repayment over 10 years. AidData treats the drawdown period as providing 5 years of additional grace.

Number of official sources

22

Number of unofficial sources

6

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Lesotho [Government Agency]

Implementing agencies [Type]

Yanjian Group Co., Ltd. [Private Sector]

Loan type

Interest-Free

Maturity

20 years

Interest rate

0.0%

Grace period

10 years

Grant element

75.05159755%

Gurarantee provided

No

Insurance provided

No