China signs Economic and Technical Cooperation Agreement loaning 30 million RMB interest-free to Benin in December 2006
Commitment amount
$ 6635788.591
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]
China Ministry of Commerce [Government Agency]
Recipient
Benin
Sector
Unallocated/unspecified (Code: 998)
Flow type
Loan
Concessional
Yes
Category
Project lifecycle
Description
On December 21, 2006, China and Benin signed an Economic and Technical Cooperation Agreement (ETCA) for an interest-free loan to the African country worth 30 million yuan (2.9 million euros, 3.8 million dollars). It is unclear how the funds were used. This project is affiliated with the Chinese writing off a sum of Benin's debt and another aid package to improve administration and transport infrastructure (see Projects #24 and #28).
Additional details
Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20 years by default and grace period to 10 years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20 years, with a drawdown period of 5 years, grace period of 5 years, and repayment over 10 years. AidData treats the drawdown period as providing 5 years of additional grace.
Number of official sources
2
Number of unofficial sources
5
Details
Cofinanced
No
Receiving agencies [Type]
Government of Benin [Government Agency]
Loan type
Interest-Free
Maturity
20 years
Interest rate
0.0%
Grace period
10 years
Grant element
75.05159755%
Gurarantee provided
No
Insurance provided
No