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Overview

China Eximbank provides RMB 182.9 million government concessional loan for Supply of 100 Railway Passenger Carriages Project

Commitments (Constant USD, 2023)$39,975,470
Commitment Year•2007Country of Activity•Sri LankaDirect Recipient Country of Incorporation•Sri LankaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 15, 2007
End (actual)
Jan 31, 2008
First repayment
Jul 21, 2010
Last repayment
Jul 21, 2022

Geospatial footprint

Map overview

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On May 15, 2007, China Eximbank and the Government of Sri Lanka signed an RMB 182,997,446 ($27,078,543) government concessional loan (GCL) agreement for the Supply of 100 Railway Passenger Carriages Project. For more detailed location information: https://www.openstreetmap.org/way/224061231

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Sri Lanka

Implementing agencies

State-owned companies

  • China National Machinery Import & Export Corporation (CMC)

Loan desecription

China Eximbank provides RMB 182.9 million government concessional loan for Supply of 100 Railway Passenger Carriages Project

Grace period•3 yearsGrant element•43.7645%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•15 years

Narrative

Full Description

Project narrative

On May 15, 2007, China Eximbank and the Government of Sri Lanka signed an RMB 182,997,446 ($27,078,543) government concessional loan (GCL) agreement for the Supply of 100 Railway Passenger Carriages Project. The GCL carried the following borrowing terms: a 2% interest rate and a 15-year maturity period and a 3 year grace period. As of 2008, it had disbursed approximately RMB 157,937,607.42 (Rs. 2,462,500,000). The borrower made repayments worth RMB 14,639,796 in 2018, RMB 14,639,796 in 2019, RMB 14,639,796 in 2020 and RMB 14,639,795 in 2021. The loan's amount outstanding was RMB 73,198,978 as of December 31, 2017, RMB 58,559,182 as of December 31, 2018, RMB 43,919,386 as of December 31, 2019, RMB 29,279,590 as of December 31, 2020, RMB 14,639,795 as of December 31, 2021, and RMB 7,319,898 as of June 30, 2022. The purpose of the project was to supply of 100 railway passenger carriages to Sri Lanka Railways. China National Machinery Import and Export Corporation (CMC) was responsible for supplying the passenger carriages. This project was successfully completed on January 31, 2008. However, the project has encountered debt repayment problems. On April 12, 2022, the Government of Sri Lanka announced a ‘pre-emptive’ sovereign debt default, noting that it would suspend debt repayments to all external creditors other than multilateral institutions. Its decision to suspend external debt service reportedly affected all China Eximbank loans with amounts outstanding at the time of the announcement.

Staff comments

1. The Government of Sri Lanka loan key number is 2007014. 2. In 2007, the Chinese Government also committed a loan for the provision of 15 diesel multiple units (see Record ID#33260), and it committed another loan in 2010 for the provision of an additional 13 diesel multiple units (see Record ID#49343).