China Eximbank loans RMB 350 million for the Non-intrusive Container Scanner Acquisition Project
Commitment amount
$ 76952805.18975574
Adjusted commitment amount
$ 76952805.19
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Zambia
Sector
Trade policies and regulations (Code: 330)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On December 23, 2009, China Eximbank and the Government of Zambia signed a RMB 350 million (about USD $45.8 million) loan agreement for the Non-intrusive Container Scanner Acquisition Project. The loan terms are as follows: 2% interest rate, 15-year maturity period, 5-year grace period, 0.5% commitment fee, and 0.75% management fee. On March 21, 2013, the Government of Zambia signed a subsidiary loan agreement on-lending the proceeds of this loan to Zambia Revenue Authority. The purpose of this project was to acquire four non-intrusive container scanners. Nuctech was the contractor responsible for project implementation. It successfully delivered the four scanners and installed them at the Nakonde border, but the precise delivery date is unknown. In 2011, a commission of inquiry was organized and it questioned the wisdom of the Government of Zambia’s decision to select Nuctech through a sole-source procurement process.
Number of official sources
7
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Zambia [Government Agency]
Indirect receiving agencies [Type]
Zambia Revenue Authority [Government Agency]
Implementing agencies [Type]
Nuctech Company Limited (Tongfang Vision Technology Co., Ltd.) [State-owned Company]
Loan Details
Maturity
15 years
Interest rate
2.0%
Grace period
5 years
Grant element (OECD Grant-Equiv)
43.5184%