Project ID: 30495

Chinese Government provides CFA 3.7 billion interest-free loan for unspecified purposes

Commitment amount

$ 9028558.179

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

Congo

Sector

Unallocated/unspecified (Code: 998)

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

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2010

Description

On December 21, 2010, the Congolese Minister of Finance, Budget and Public Portfolio Gilbert Ondongo and Chinese Ambassador to the Republic of Congo signed an interest-free loan agreement worth 3.7 billion CFA francs. This interest-free loan was the result of discussions between of heads of state Denis Sassou Nguesso and Chinese Hu Jintao at the Shanghai World Expo 2010.

Additional details

This loan was almost certainly approved through an Economic and Technical Cooperation Agreement (ETCA), which may have supported multiple projects, so AidData has coded this record as an umbrella project for the time being. 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

0

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Republic of Congo [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