China Eximbank provides RMB 390 million government concessional loan to facilitate equipment purchases by Kenya's National Youth Service (linked to #58154)

On October 28, 2008, China Eximbank and the Government of Kenya signed a government concessional loan (GCL) loan agreement [CHINA EXIMBANK No GCL 214 - 2008005] worth RMB 390 million to facilitate equipment purchases by Kenya's National Youth Service. The terms of the GCL were as follows: 2% interest rate, 7 year grace period, 20 year maturity, 1% management fee, 0.75% commitment fee. The loan was scheduled for semi-annual repayments from March 21, 2016, to September 21, 2028. On January 29, 2010, the equipment, worth of 4.3 billion KES (57 million USD) 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. See Project ID#58154 for Phase 2 of the project.

Additional details

In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it does not record the lending 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. Also, 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.

Number of official sources

5

Number of unofficial sources

5