Project ID: 1314

Chinese Government provides RMB 1 billion loan facility to support multiple projects (Linked to projects #1334, #1242, #61032, #61034, #61036, #61037, #1241, and #62351)

Commitment amount

$ 205284082.2

Constant 2017 USD

Not recommended for aggregates

This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.

Umbrella project

This project is classified as an "umbrella" project, and is connected to related projects.

Summary

Funding agency [Type]

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

Recipient

Namibia

Sector

Other multisector (Code: 430)

Flow type

Loan

Concessional

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-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

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2007

Description

On February 5, 2007 on an official tour across Africa, Chinese President Hu Jintao pledged to provide an RMB 1 billion concessional loan facility to be used at the discretion of the Government of Namibia. The following borrowing terms would apply to subsidiary loans obtained through this facility: a 4.27% interest rate, a 15 year maturity, and a 5 year grace period. Then, in December 2007, China Eximbank and the Government of Namibia signed an RMB 1 billion concessional loan framework agreement, which identified several projects that would be funded according to a consistent set of terms and conditions. These projects reportedly included an RMB 300 million loan for the Modern Customs Scanning Equipment Acquisition Project (recorded in project #1241), an RMB 44 million loan for the Electronics Document and Record Management Systems (EDRMS) Project (recorded in project #1242), a $16.4 million loan for road construction in Eiseb Block Phase I (recorded in project #61037), and a $748,357 loan for Namibia Institute of Pathology (NIP) laboratories (recorded in project #61032). An additional RMB 645 million was reportedly set aside for three projects: Phase 2 of the Northern Railway Line Extension Project (recorded in project #1334), the Oshakati State Hospital Renovation Project (recorded in project #61034), and the Namibian Broadcasting Corporation Renovation Project (recorded in project #61036). This framework agreement was signed by China’s Ambassador to Namibia Ren Xiaoping and Nambia’s Minister of Finance Saara Kuugongelwa-Amadhila.

Number of official sources

7

Number of unofficial sources

12

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Namibia [Government Agency]

Loan type

Concessional

Maturity

15 years

Interest rate

4.27%

Grace period

5 years

Grant element

33.65369037%

Gurarantee provided

No

Insurance provided

No