Chinese Government provides $10 million USD loan for acquisition of pumps, irrigation equipment, and generators

On 1 August 2003, the Chinese Government provided a $10 million USD loan to the Government Sudan for the purchase of pumps, irrigation equipment, and generators. Part of the loan funds were earmarked for the construction of a workshop to maintain the equipment. This loan carried the following terms: 4-year maturity, 1-year grace period, and 3.5% interest rate. The first repayment date was 1 September 2004. The purpose of this loan was to partially finance an $11 million USD commercial contract signed on 8 August 2003 with Boshan Pump Industry Co., Ltd (also known as Shandong Sure Boshan Pump Industry Co., Ltd.). The press release also announced the company's intention to build a pump assembly plant in Sudan but the implementation status of this project is unknown. It is also unclear whether the goods were ever delivered or if the workshop was ever built.

Additional details

This project may be linked to or a duplicate of Project ID#47167, a loan of the same amount in 2005 also for irrigation equipment. Boshan Pump Industry was also involved in the 2005 project. However, the commitment years are definitely separate and the loan terms are different as well. The Bank of Sudan 2003 Annual Report misspells "Boshan" as "Bushan."

Number of official sources

4

Number of total sources

6