Project ID: 131

China Eximbank provides RMB 250 million loan for Railway Equipment Acquisition Project

Commitment amount

$ 57469555.08

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Namibia

Sector

Transport and storage (Code: 210)

Flow type

Loan

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2005

Implementation

2007

2005-11-01

Planned start

2007-01-25

Actual start

Completion

2008

2008-05-01

Actual

Description

In November 2005, China Eximbank and the Government of Namibia’s Ministry of Finance signed an RMB 250 million loan agreement for a Railway Equipment Acquisition Project. Namibian President Hifikepunye Pohama and Chinese Politburo member Li Chang Chun witnessed the signing of the agreement. The loan carried an interest rate of 3%, a maturity of 15 years, and a grace period of 5 years. According to 'Summary Report of the Auditor-General on the Account of the Government of Namibia for the Financial Year Ended 31 March 2014', the final maturity date of the loan is March 21, 2021. The Government of Namibia used the proceeds of the loan to on-lend to TransNamib (a state-owned railway enterprise in Namibia) in order to facilitate its acquisition of 17 diesel locomotives and approximately 207 train wagons. China Railway Materials Export and Import Company (now known as China Railway Materials Group Corporation) and China South Locomotive & Rolling Stock Corp., Ltd. were the contractors responsible for implementation of the project. On January 25, 2007, 207 train wagons were delivered to Namibia. Then, on June 4, 2007, a batch of (8) diesel locomotives was delivered to Namibia. As of May 2008, TransNamib reported that it had received all 17 diesel locomotives and they were all operational. This project is completed.The Chinese project title is 车辆股份有限公司向纳米比亚出口17台机车的项目 or 南车出口纳米比亚铁路货车项目.

Additional details

In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it does not identify the borrowing terms of this loan. AidData relies on the borrowing terms (interest rate of 3%, maturity of 15 years, and grace period of 5 years) that are reported by Namibia’s Ministry of Finance.

Number of official sources

6

Number of unofficial sources

18

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Namibia [Government Agency]; TransNamib [State-owned Company]

Implementing agencies [Type]

China Railway Materials Group Corporation [State-owned Company]; China Railway Materials Import & Export Co., Ltd. (CRMIE) [State-owned Company]; China South Locomotive & Rolling Stock Corporation Limited (CSR) [State-owned Company]

Loan type

Concessional

Maturity

15 years

Interest rate

3.0%

Grace period

5 years

Grant element

41.43627952%

Gurarantee provided

No

Insurance provided

No