Project ID: 30471

China Eximbank loans $11.6 million USD for Food Reserve Agency (FRA) Storage Sheds Project

Commitment amount

$ 15123094.16

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Zambia

Sector

Agriculture, forestry, fishing (Code: 310)

Flow type

Loan

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-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

2009

Description

In June 2009, the China Eximbank and the Government of Zambia signed an $11.6 million USD loan agreement for the Food Reserve Agency (FRA) Storage Sheds Project. According to the Government of Zambia's 2009 Economic report, the loan carried the following terms: 2% interest rate, 15-year maturity, 5-year grace period, 0.5% commitment fee, and a 0.75% management fee. China Eximbank disbursed $6.73 million USD in 2009 and $4.94 million USD in 2010. The purpose of this project was to construct, maintain, and rehabilitate nine grain storage sheds in four provinces (Central province, Eastern province, Southern province, and Western province) managed by the country’s Food Reserve Agency (FRA). It involved the construction of two new shallow circular silos with the grain storage capacity of 50,000 tons, the construction of one new shallow circular silo with the grain storage capacity of 25,000 tons, and the restoration and reconstruction of one silo with the grain storage capacity of 25,000 tons. The ultimate objective of the project was to increase the security of the country’s grain reserves. China CAMCE Engineering Co., Ltd. was the contractor responsible for implementation. In December 2007, a feasibility study for the project was undertaken. Then, works officially began on August 10, 2009. The precise date of project completion is unknown.

Additional details

The Chinese project title is 赞比亚粮仓项目 or 署赞比亚粮仓建设项目 or 农业部粮库建设项目.

Number of official sources

12

Number of unofficial sources

2

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Zambia [Government Agency]

Implementing agencies [Type]

China CAMC Engineering Co., Ltd. (CAMCE) [State-owned Company]; Zambia Food Reserve Agency (FRA) [Government Agency]; Zambia Ministry of Agriculture [Government Agency]

Loan type

Concessional

Maturity

15 years

Interest rate

2.0%

Grace period

5 years

Management fee

0.75

Commitment fee

0.5

Grant element

47.56430247%

Gurarantee provided

No

Insurance provided

No