Project ID: 22494

CDB provides $20 million loan to Infrastructural Development Bank of Zimbabwe for working capital (linked to #35873, #62410)

Commitment amount

$ 24597603.62682555

Adjusted commitment amount

$ 24597603.63

Constant 2021 USD

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Zimbabwe

Sector

Business and other services (Code: 250)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

No

Category

Intent

Commercial (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

2011-11-21

Actual start

2011-11-21

Actual complete

2012-11-21

Description

On 21 November, 2011, the Zimbabwe Infrastructure Development Bank (IDBZ) signed a $30 million loan facility agreement with China Development Bank to support small and medium-sized enterprises in Zimbabwe (captured in Project ID#62410). Per the terms of the agreement, $10 million (Tranche A) is earmarked for capital expenditures with a maturity of five years, which is captured in linked project #35873. The remaining $20 million as captured in this project (Tranche B) is earmarked just for working capital and will mature in one year. Tranche A and Tranche B both carry a 10% interest rate. The Chinese Government was represented at the signing ceremony by the Ambassador to Zimbabwe, Xin Shunkang, IDBZ was represented by chief executive Charles Chikaura, and the Zimbabwean government was represented by Secretary for Finance, Willard Manungo, and Accountant General for the Ministry of Finance, Judith Madzorera.

Additional details

This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.

Number of official sources

3

Number of total sources

5

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Details

Cofinanced

No

Direct receiving agencies [Type]

Infrastructure Development Bank of Zimbabwe (IDBZ) [State-owned Bank]

Implementing agencies [Type]

Infrastructure Development Bank of Zimbabwe (IDBZ) [State-owned Bank]

Loan Details

Maturity

1 years

Interest rate

10.0%

Grace period

0 years

Grant element (OECD Grant-Equiv)

0.0%

Bilateral loan

Inter-bank loan

Short-term loan

Working capital