Overview

Chinese Government provides $1.9 million interest-free loan to CAR to pay civil servants and sort out its public finances (Linked to Record ID#378)

Commitments (Constant USD, 2023)$4,275,066

Commitment Year•2003Country of Activity•Central African RepublicDirect Recipient Country of Incorporation•Central African RepublicSector•General Budget SupportFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 10, 2003

Start (actual): Sep 1, 2003

End (actual): Sep 1, 2003

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

Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

Government of the Central African Republic

Loan desecription

Chinese Government provides $1.9 million interest-free loan to CAR to pay civil servants and sort out its public finances

Interest rate (t₀)•0%Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

In September 2003, the Chinese Government provided a $1.9 million interest-free loan to the Government of the Central African Republic to 'sort out public finances' and pay civil servant salaries. Chinese Ambassador to the Central African Republic Wang Ci Fa was present at the loan signing ceremony. Agence France Presse reported at the time that the transaction was denominated in CFA Francs. The project followed a $2.5 million grant in April 2003 (captured via Record ID#378), which allowed the Francois Bozize administration to pay one month of salary arrears inherited from his predecessor Ange-Felix Patasse, who was ousted in a March coup.