Project ID: 34996

China Eximbank provides RMB 481 million loan for 1,000 Unit Housing Development Project in Hulhumalé

Commitment amount

$ 85883406.7

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Maldives

Sector

Other social infrastructure and services (Code: 160)

Flow type

Export Buyer's Credit

Concessional

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-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

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2010

Implementation

2011

2011-11-01

Actual start

Completion

2012

2012-12-27

Actual

Geography

Description

On August 30, 2010, the Export-Import Bank of China signed an agreement to provide the Government of Maldives with RMB 481 million in export buyer's credits for the development of 1,000 housing units in Hulhumalé. The precise loan details are unknown, but sources, such as ChinaDaily USA and CMEC, described the agreement as 'preferential' or 'concessional.' According to SinoMach, Ministry of Housing, Transportation and Environment of Maldives and China Machinery Engineering Corporation (CMEC) signed the project contract on March 21, 2011. This project involved the construction of 56 four-story buildings built on 39,600 square meters. The buildings were intended to reduce housing pressure in the nearby capital, according to ChinaDaily USA. According to CMEC's 2012 Annual Report, the contract value was 76 million USD. This project was deemed, at the time, as the largest-ever housing project in Maldives, as well as the largest economic cooperation project since the establishment of diplomatic ties between China and the Maldives. The project also served as Phase I of the 4,000-suite housing project in Maldives, according to CMEC.The groundbreaking ceremony took place on November 1, 2011, according to People's Daily Online and CMEC. According to CMEC, the project was handed on December 27, 2012, one month ahead of the schedule. The first resident moved in on July 29, 2013.As of February 2019, the China Eximbank loan was still being repaid (see 'ACTIVE EXTERNAL LOANS').

Additional details

According to the Maldives Government Budget in Statistics Financial Year 2014, annual disbursements (in local currency MVR) from China Eximbank for this project were as follows:- 2010: 471,937,626 MVR- 2011: 93,678,432 MVRAdditionally, there is some conflicting information about the start and end dates of the project. Other sources report work before and after the code start and end dates, including a 'follow-up road project, but the coded dates were firm and came from credible sources, so they were chosen.

Number of official sources

19

Number of unofficial sources

6

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Details

Cofinanced

No

Receiving agencies [Type]

Government of the Maldives [Government Agency]

Implementing agencies [Type]

China Machinery Engineering Corporation (CMEC) [State-owned Company]; Maldives Ministry of Housing and Environment [Government Agency]

Loan type

Concessional

Gurarantee provided

No

Insurance provided

No