Chinese Government commits $16 million interest-free loan for unspecified projects (linked to #30135)

On 22 May, 2013, China signed an agreement to provide Zimbabwe an interest-free $16 million USD loan payable over 5 years for various projects in water, mining, and other sectors (See: China Extends US$36 million for Projects). The agreements were signed by Acting Zimbabwean Finance Minister, Sipepa Nkomo, and the Chinese Deputy Minister of Commerce in the presence of Vice President, Joice Mujuru, and the visiting Chinese Vice-Premier, Wang Yang (See: China ready to assist Zimbabwe - extends US$36 million loan).Also on this day, the Chinese Government provided a $16 million USD grant for the same unspecified purposes within the water and mining sectors. This grant is captured in the linked project #30135.

Additional details

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

0

Number of unofficial sources

3