China Eximbank provides $25 million loan for Kamwala Government Complex Construction Project (Linked to Record ID#2126, #15411)

Project narrative

On September 16, 2002, the Chinese Government provided an RMB 69.2 million interest-free loan (captured via Record ID#2126) to the Government of Zambia for the Kamwala Government Complex Construction Project. In 2009, China Eximbank provided an additional $25 million concessional loan to the Government of Zambia because the original funding proved insufficient. The loan carried the following borrowing terms: a 2% interest rate, a 15-year maturity, a 5-year grace period, a 0.5% commitment fee, and a 0.75% management fee. The project involved the construction of a government complex in Lusaka. Construction was initiated by China Overseas Engineering Company (COVEC) and completed by Shanghai Construction Company. Construction was originally expected to take 14 months from the implementation start date. Construction began on March 1, 2010 and ended on August 31, 2011. The project was officially handed over to the authorities on held on January 13, 2012.