Overview

Bank of China extends the maturity of a $76.4 million loan to Zambian Property Holdings Limited by eight months

Commitment Year•2022Country of Activity•ZambiaDirect Recipient Country of Incorporation•MauritiusSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2022

Last repayment (originally scheduled): Dec 1, 2022

Stakeholders

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

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Zambian Property Holdings Limited (ZPH)

Loan description

Bank of China extends the maturity of a $76.4 million loan to Zambian Property Holdings Limited by eight months

Interest type•UnknownMaturity•5.417 years

Narrative

Full Description

Project narrative

In July 2017, Bank of China provided a $76.4 million loan to Zambian Property Holdings Limited, a Zambian-based company owned by GRIT Real Estate Income Group (leading pan-African real estate company that owns malls in Zambia). It carried a a maturity period of 4.75 years and a final maturity date in April 2022. Record ID#98489 captures this loan. Proceeds of the loan are unspecified. The loan was expected to mature in April 2022 but BOC extended the maturity to December 2022 (a maturity extension of about 0.667 years) to allow for long-term refinancing, as captured by Record ID#111096. The loan was then repaid with a syndicated loan in October 2022.