China EXIM Bank signs Phase II of 500 million USD Master Loan Framework Agreement for unspecified development projects (linked to #45047)
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.
This project is classified as an "umbrella" project, and is connected to related projects.
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Unallocated/unspecified (Code: 998)
In 2011 China signed Phase II of a 'Master Loan Program,' which began in 2006. The first phase (captured in Project ID #45047), gave a $500 million loan for development projects. In April 2011, China Ex-Im bank and the Commercial Bank of Ethiopia signed the second round agreement, awarding another $500 million to Ethiopia. The Minister of Finance and Economic Development, Sofian Ahmed who also signed the loan agreement on behalf of the Ethiopian government said that the money will be used to implement 15 development projects, which have already been designed by the government. It is assumed that the lending terms for this loan is similar to the master facility agreement signed in 2006: 13 year maturity and an interest rate of LIBOR + a 2-3% margin. The interest rate is calculated using average 6M LIBOR in 2011 (0.507%) + 2.5% = 3.007%.
It is likely that the financial value for this project is captured by two loan agreements by China's Exim Bank, #30555 and #69129.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Ethiopia [Government Agency]
Accountable agencies [Type]