China Eximbank provides RMB 363.8 million government concessional loan for Phase 1 of Equipment Purchases by Kenya's National Youth Service (Linked to Project ID#58154)
Commitment amount
$ 79817085.16340537
Adjusted commitment amount
$ 79817085.16
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Kenya
Sector
Government and civil society (Code: 150)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
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.
Additional details
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. Project ID#58154 captures the China Eximbank loan that supported Phase 2 of the project.
Number of official sources
8
Number of total sources
13
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Kenya [Government Agency]
Implementing agencies [Type]
Kenyan National Youth Service [NGO/CSO/Foundation]
Aviation Industry Corporation of China, Ltd. (AVIC) [State-owned Company]
Loan Details
Maturity
20 years
Interest rate
2.0%
Grace period
8 years
Grant element (OECD Grant-Equiv)
53.1176%