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Overview

[China Co-Financing Fund] IDB administers $30 million loan from CHC for Ciudad de la Costa-West Area Sanitation Project

Commitments (Constant USD, 2023)$31,385,951
Commitment Year•2015Country of Activity•UruguayDirect Recipient Country of Incorporation•UruguaySector•Water Supply And SanitationFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 13, 2015
First repayment (originally scheduled)
Jan 15, 2021
Last repayment (originally scheduled)
Jul 15, 2040

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The sanitation project took place in Ciudad de la Costa. More detailed locational information can be found at: https://www.openstreetmap.org/relation/2535097

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

Government Agencies

  • People's Bank of China (PBC)

Cofinancing agencies

Intergovernmental Organizations

  • Inter-American Development Bank

Receiving agencies

Government Agencies

  • Government of Uruguay

Implementing agencies

Government Agencies

  • National Water Supply and Sanitation Administration (OSE)

Intergovernmental Organizations

  • China Co-Financing Fund for Latin America and the Caribbean (CHC)

Loan desecription

[China Co-Financing Fund] IDB administers $30 million loan from CHC for Ciudad de la Costa-West Area Sanitation Project

Grace period•5.5 yearsGrant element•61.2554%Interest rate (t₀)•1.56195%Interest type•Variable Interest RateMaturity•25 years

Narrative

Full Description

Project narrative

On February 13, 2015, the Inter-American Development Bank (IDB) signed a loan contract with the Government of Uruguay to finance the Ciudad de la Costa-West Area Sanitation Project, through which the IDB would provide $45 million from its ordinary capital (Loan 3258/OC-UR), and the People's Bank of China would provide $30 million (Loan 3259/CH-UR) via the China Co-Financing Fund for Latin America and the Caribbean (CHC). The IDB approved this loan financing on July 23, 2014, and it refers to this project as "UR-L1094 : Ciudad de la Costa-west area Sanitation Project". This loan carries a 25-year maturity and a 5-year grace period, including a 5-year disbursement period. The borrower is responsible for paying a LIBOR-based interest rate plus the applicable lending spread for the Bank's ordinary capital loans. The IDB lending spread in Semester 1 of 2015 was 0.85% with a 0.25% credit (commitment) fee. The objective of this project is to expand sanitation coverage in the western zone of Ciudad de la Costa, to improve quality and operational efficiency of water service in the west and central zone of Ciudad de la Costa, and to strengthen the capacity to operate and maintain the sanitation system. This project will improve sanitation and water delivery services to an estimated 20,000 people. The borrower and executing agency is the National Water Supply and Sanitation Administration (OSE). The IDB lists the project status as "Implementation". The China Co-Financing Fund was established on January 14, 2013 with a contribution of $2 billion by the People's Bank of China, and it is administered by the IDB. For more information, see umbrella Record ID#86526.

Staff comments

1. AidData has estimated the all-in interest rate (1.108%) by adding 0.85% to average 3-month LIBOR in February 2015 (0.258%) 2. The IDB lending spread data are drawn from https://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=EZSHARE-1436601171-376. 3. All of the IADB contract and project documentation can be accessed via https://www.iadb.org/en/project/UR-L1094. 4. The CHC loan agreement can be accessed in its entirety via https://www.dropbox.com/s/ux8zd2gbi5cick1/Uruguay%202015%20China%20Co-Financing%20Fund%20for%20Latin%20America%20and%20the%20Caribbean%20%28CHC%29%20Loan%20for%20Proyecto%20de%20Saneamiento%20de%20la%20Ciudad%20de%20la%20Costa-Zona%20Oeste.pdf?dl=0.