Overview

Chinese Government provides RMB 30 million interest-free loan to Namibia

Commitments (Constant USD, 2023)$8,155,158

Commitment Year•2003Country of Activity•NamibiaDirect Recipient Country of Incorporation•NamibiaSector•General Budget SupportFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2003

Last repayment: Sep 28, 2013

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Government of Namibia

Loan desecription

Chinese Government provides RMB 30 million interest-free loan to Namibia

Grant element•35.2903%Interest rate (t₀)•0%Interest type•Fixed Interest RateMaturity•10 years

Narrative

Full Description

Project narrative

In late October of 2003, the Chinese Ambassador to Namibia announced that his government would provide 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 stated that the funds were intended for the purchase of general goods. Calle Schlettwein, Permanent Secretary in the Namibian Ministry of Finance, was involved with the negotiation of terms. After considering whether to accept the loan, the Namibian government decided to accept the loan in December of 2003. It is unclear what the funds were ultimately used to purchase, but the record appears to be untied. The loan is meant to be repaid over a 10-year period, beginning in 2013.