Project ID: 34909

China Eximbank offers Philippines a $6 billion concessional loan for infrastructure projects

Commitment amount

$ 10580599649.0

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]

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

Recipient

Philippines

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

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2006

Description

In August 2006, the Export-Import Bank of China (EXIM Bank of China) proposed to release $2 billion per year over the next three years in a series of concessional loans to the Philippines for a total of $6 billion. The loans were to be payable in 20 years with 3% interest on the dollar, and 5 years’ grace period. They were to be used mainly for infrastructure projects. In 2007, a $2 billion loan was offered by the EXIM Bank of China for infrastructure projects. According to a Manila Times report published on June 29, 2008, half of the loan has been disbursed. The status of the loan after that is unknown.

Number of official sources

2

Number of unofficial sources

1

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Details

Cofinanced

No

Receiving agencies [Type]

Government of the Philippines [Government Agency]

Loan type

Concessional

Maturity

20 years

Interest rate

3.0%

Grace period

5 years

Grant element

46.25978874%

Gurarantee provided

No

Insurance provided

No