Overview

Chinese Government provides RMB 20 million interest-free loan for acquisition of office supplies and agricultural equipment (Linked to Record ID#55607 and ID#86586)

Commitments (Constant USD, 2023)$5,083,376

Commitment Year•2004Country of Activity•Central African RepublicDirect Recipient Country of Incorporation•Central African RepublicSector•Government And Civil SocietyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 11, 2004

Start (actual): Mar 11, 2004

First repayment (originally scheduled): Mar 9, 2014

Last repayment (originally scheduled): Mar 6, 2024

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

China Ministry of Commerce

Receiving agencies

Government Agencies

Government of the Central African Republic

Loan description

Chinese Government provides RMB 20 million interest-free loan for acquisition of office supplies and agricultural equipment

Grace period•10 yearsGrant element•75.0516%Interest rate (t₀)•0%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

On March 11, 2004, the Chinese Government provided a RMB 20 million interest-free loan to the Government of the Central African Republic to facilitate its acquisition of office supplies and agricultural equipment. This loan carried the following terms: a 20 year maturity, a 10 year grace period, and a 0% interest rate. It also provided an RMB 12 million general budget support grant to help it pay salary arrears owed to civil servants (as captured via Record ID#55607). The RMB 20 million loan was forgiven in June 2019 (as captured via Record ID#86586).

Staff comments

1. Some sources (including SAIS-CARI) suggest that the proceeds from this loan were used to pay civil servant salaries. However, AidData relies on an official source (AFDB), which reports that the Chinese Government provided an RMB 20 million interest free loan in 2004 for the acquisition of office supplies and agricultural equipment and a separate RMB 12 million general budget support grant in 2004 to help the government pay salary arrears to civil servants. 2. This record has been marked as having evidence of financial distress because it was subject to debt forgiveness captured in record #86586.