China issuesa 30 million yuan loan at zero interest to Namibia
Pledged amount
$ 8829412.018074397
Adjusted pledged amount
$ 8829412.018074397
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Unspecified Chinese Government Institution [Government Agency]
Recipient
Namibia
Sector
General budget support (Code: 510)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
In late October of 2003, China's ambassador to Namibia announced that his government would give the African country a 30 million Yuan loan at zero interest in order to enhance cooperation between the two countries and help Namibia with development programs. A diplomat outlined that the funds were meant for the purchase of general goods. Calle Schlettwein, Permanent Secretary in the Namibian Ministry of Finance, was involved with the negotiation of terms. After contemplation as to whether or not to accept the amount, the Namibian government decided to accept the loan in December of 2003. It is unclear exactly what the funds were used to purchase, but the project appears to be untied. The loan is meant to be repaid over a 10-year period, beginning in 2013.
Number of official sources
0
Number of total sources
2
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Namibia [Government Agency]
Loan Details
Maturity
10 years
Interest rate
0.0%
Grant element (OECD Grant-Equiv)
27.196%