CDB provides $10 million loan to Infrastructural Development Bank of Zimbabwe for capital expenditures (linked to #22494, #62410)
Commitment amount
$ 12298801.813412774
Adjusted commitment amount
$ 12298801.81
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Zimbabwe
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On 21 November, 2011, the Zimbabwe Infrastructure Development Bank (IDBZ) signed a $30 million loan facility agreement with China Development Bank to support small and medium-sized enterprises in Zimbabwe (captured in Project ID#62410). Per the terms of the agreement, $10 million (Tranche A) is earmarked for capital expenditures with a maturity of five years, which is captured in this project. The remaining $20 million (Tranche B) is earmarked just for working capital and will mature in one year (captured in Project ID#22494). Tranche A and Tranche B both carry a 10% interest rate. The Chinese Government was represented at the signing ceremony by the Ambassador to Zimbabwe, Xin Shunkang, IDBZ was represented by chief executive Charles Chikaura, and the Zimbabwean government was represented by Secretary for Finance, Willard Manungo, and Accountant General for the Ministry of Finance, Judith Madzorera.
Additional details
This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.
Number of official sources
3
Number of total sources
5
Details
Cofinanced
No
Direct receiving agencies [Type]
Infrastructure Development Bank of Zimbabwe (IDBZ) [State-owned Bank]
Implementing agencies [Type]
Infrastructure Development Bank of Zimbabwe (IDBZ) [State-owned Bank]
Loan Details
Maturity
5 years
Interest rate
10.0%
Grace period
0 years
Grant element (OECD Grant-Equiv)
0.0%