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Overview

China Eximbank provides RMB 363.8 million government concessional loan for Phase 1 of Equipment Purchases by Kenya's National Youth Service (Linked to Record ID#58154)

Commitments (Constant USD, 2023)$73,736,783
Commitment Year•2008Country of Activity•KenyaDirect Recipient Country of Incorporation•KenyaSector•Government And Civil SocietyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 15, 2008
Start (planned)
Oct 28, 2008
Start (actual)
Jan 29, 2010
End (actual)
Jan 29, 2010
First repayment (originally scheduled)
Mar 21, 2016
Last repayment (originally scheduled)
Sep 21, 2028

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of the project is to provide RMB 363.8 million government concessional loan for Phase 1 of Equipment Purchases by Kenya's National Youth Service. More detailed location information can be found at: https://www.openstreetmap.org/way/524758020

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

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Kenya

Implementing agencies

NGO/CSO/Foundations

  • Kenyan National Youth Service

State-owned companies

  • Aviation Industry Corporation of China, Ltd. (AVIC)

Loan description

China Eximbank provides RMB 363.8 million government concessional loan for Phase 1 of Equipment Purchases by Kenya's National Youth Service

Grace period•8.25 yearsGrant element•57.416%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•19.75 years

Narrative

Full Description

Project narrative

On December 15, 2008, China Eximbank and the Government of Kenya signed an RMB 390 million government concessional loan (GCL) loan agreement [CHINA EXIMBANK No GCL 214] to facilitate equipment purchases by Kenya's National Youth Service. The face value of the loan was subsequently revised to RMB 363,861,090.41. The borrowing terms of the loan were as follows: a 2% interest rate, a 8.25 year grace period, a 19.75 year maturity, a 1% management fee, and a 0.75% commitment fee. The loan was scheduled for semi-annual repayments from March 21, 2016 to September 21, 2028. The borrower made principal repayments worth RMB 14,554,443.50 between July 1, 2020 and June 30, 2021 and RMB 29,108,887.08 between July 1, 2021 and June 30, 2022. The loan’s amount outstanding was RMB 247,425,540.98 as of June 30, 2020, RMB 218,316,653.80 as of June 30, 2021, and RMB 189,207,766.63 as of June 30, 2022. On January 29, 2010, the equipment, worth of 4.3 billion KES ($57 million) and purchased through the China Aviation Industry Corporation, was delivered to Kenya's National Youth Service. A total of 3942 items were delivered, including road construction and earth moving equipment, agricultural machinery, fire fighting engines, and generators, computers, radios, and other equipment.

Staff comments

1. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it does not record the borrowing terms for this China Eximbank loan. AidData obtained the lending terms (2% interest rate, 7 year grace period, 20 year maturity) from the Government of Kenya's public debt register. 2. Whereas SAIS-CARI records the commitment year as 2010, AidData records the commitment year as 2008 because the loan agreement was finalized on October 28, 2008. 3. The Chinese project title is 肯尼亚青年服务队设备采购项目 or 肯尼亚工程机械项目. 4. The identification number for this China Eximbank loan in the Kenyan National Treasury’s external public debt register is 2008005. 5. The amounts outstanding and repayments data are drawn from the Kenyan Treasury’s External Public Debt Register. See https://www.dropbox.com/s/549ixt2gj1jbjvi/External-Public-Debt-Register-as-at-End-June-2022.pdf?dl=0 and https://www.dropbox.com/s/0et4jg1qfg1bo7r/External-Public-Debt-Register-as-at-End-June-2021.pdf?dl=0 and https://www.dropbox.com/s/233j706743q7f1g/External-Public-Debt-Register-as-at-End-June-2020.pdf?dl=0 and https://www.dropbox.com/s/qkoybr9ja0ohemy/External-Public-Debt-Register-as-at-End-June-2009.pdf?dl=0 and https://www.dropbox.com/s/thy3s6ggjcjd97z/External-Public-Debt-Register-as-at-End-June-2012.pdf?dl=0 and https://www.dropbox.com/s/fzbfq01vas6m0i9/External-Public-Debt-Register-as-at-End-June-2019.pdf?dl=0 and https://www.dropbox.com/s/ennrl6d4zd2nizs/External-Public-Debt-Register-as-at-End-June-2018.pdf?dl=0 and https://www.dropbox.com/s/8ibazrj1a8oho2d/External-Public-Debt-Register-as-at-End-June-2017.pdf?dl=0 and https://www.dropbox.com/s/wdbjl0wq49i09x1/External-Public-Debt-Register-as-at-End-June-2015.pdf?dl=0 6. Record ID#58154 captures the China Eximbank loan that supported Phase 2 of the project.