Project ID: 22062

China Eximbank provides $89.9 million buyer’s credit loan for Medical Equipment and Supplies Project (linked to #63444)

Commitment amount

$ 96072779.11

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Zimbabwe

Sector

Health (Code: 120)

Flow type

Export Buyer's Credit

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

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2011

2011-03-21

Planned implementation start

Completion

2015

2015-03-05

Actual

Description

On 21 March, 2011, China Eximbank and the Government of Zimbabwe signed a $89,955,000 USD buyer’s credit loan (BCL) agreement for the Medical Equipment and Supplies Project (See: NATIONAL ASSEMBLY HANSARD - 7 AUGUST 2012 VOL. 38 NO. 51). This loan carried the following terms: 11 year maturity, 4 year grace period, 3.507% interest rate (calculated by adding the average 6 month libor rate for 2011 with a 3% margin: 0.507 + 3 = 3.507%), a 0.375% management fee, and a 0.375% commitment fee (See: Zimbabwe 2011 ARTICLE IV CONSULTATION). This project involved the acquisition of NMR, CT, digital X-ray machines, ultrasound machines, anesthesia machines, incubators, medical carts, ambulances, and mobile clinic buses (See: 林琳大使出席津方医疗设备启用仪式).China Machinery Engineering Corporation (CMEC) was the contractor responsible for implementation of the project (See: Zimbabwean President Attends the Handover Ceremony for CMEC-undertaken Medical Project). The equipment was officially commissioned and handed over to the authorities at the Harare Central Hospital on 5 March, 2015 (See: 驻津巴布韦大使林琳出席津方医疗设备启用仪式). The Chinese project title is 津巴布韦医疗设备供货项目 or 医疗设备 (See: 驻津巴布韦大使林琳出席津方医疗设备启用仪式).This project was financed as part of larger $566 million USD umbrella agreement, which is captured in the linked project #63444.

Additional details

In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it identifies this project as being supported by a concessional loan with a 20 year maturity, 5 year grace period, and 2% interest rate. AidData records the lending terms that reported by the IMF and by Zimbabwe’s Ministry of Finance and Economic Development (in its communications with the National Assembly prior to loan ratification).

Number of official sources

15

Number of unofficial sources

10

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Zimbabwe [Government Agency]

Implementing agencies [Type]

China Machinery Engineering Corporation (CMEC) [State-owned Company]

Loan type

Concessional

Maturity

11 years

Interest rate

3.5069999999999997%

Grace period

4 years

Management fee

0.375

Commitment fee

0.375

Grant element

32.05542123%

Gurarantee provided

No

Insurance provided

No