Chinese Government agreed to provide 120 million RMB interest free loan to Rwanda
Commitment amount
$ 19373553.8
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
Rwanda
Sector
Unallocated/unspecified (Code: 998)
Flow type
Loan
Concessional
Yes
Category
Project lifecycle
Description
In December 2012, the Chinese government agreed to loan 120 million RMB (19 million USD) interest free to Rwanda. The Minister of Foreign Affairs and Cooperation for Rwanda, Louise Mushikiwabo, signed an agreement with the Chinese Ambassador to Rwanda, Shu Zhan. The loan will be an interest-free. In the same agreement, China pledged two grants worth 16 million USD (Project #30699 and #30729).
Additional details
We suspect that this is the result of an ETCA, but no information from official sources names it as such. 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
3
Number of unofficial sources
5
Details
Cofinanced
No
Receiving agencies [Type]
Government of Rwanda [Government Agency]; Rwandan Ministry of Foreign Affairs and International Cooperation [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