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Overview

Chinese Government provides $5 million interest-free loan for the development of fish farms near Tyre (Linked to Record ID#40928)

Commitments (Constant USD, 2023)$11,542,926
Commitment Year•2002Country of Activity•LebanonDirect Recipient Country of Incorporation•LebanonSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 31, 2002
First repayment (originally scheduled)
Dec 30, 2011
Last repayment (originally scheduled)
Dec 27, 2021

Geospatial footprint

Map overview

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This project involved the development of fish farms near the city of Tyre. More detailed locational information can be found at https://www.openstreetmap.org/relation/12196423.

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

  • Lebanese Council for Development and Reconstruction (CDR)

Loan desecription

Chinese Government provides $5 million interest-free loan for the development of fish farms near Tyre

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

Narrative

Full Description

Project narrative

On December 31, 2002, the Chinese Government and the Government of Lebanon signed two interest-free loan agreements: a $1 million loan to develop the agricultural sector in the Beqaa Valley via the construction of greenhouses (captured via Record ID#40928), and a $5 million loan for the development of fish farms near the city of Tyre (captured via Record ID#40927). The agreements were signed by Chinese Ambassador to Lebanon Liu Xianghua and President of the Lebanese Council for Development and Reconstruction (CDR) Jamal Itani. AidData has not identified any evidence that either of these projects ever entered implementation.

Staff comments

1. The loan proceeds for Record ID#40927 and Record ID#40928 may have been drawn partially or fully from an Economic and Technical Cooperation Agreement (ETCA) that the Chinese Government and the Government of Lebanon signed on June 13, 1996. This ETCA committed a RMB 50 million interest-free loan with a maturity period of 20 years and a grace period of 10 years (see the ETCA at "اتفاقية التعاون الاقتصادي والفني بين حكومة الجمهورية اللبنانية و حكومة جمهورية الصين الشعبية"). Lebanon’s Ministry of Finance identified the purpose of the ETCA as ‘SUPPORT ACTIVITIES TO AGRICULTURE AND POST-HARVEST CROP ACT’ (see "China Loans and grants (1).xlsx"). 2. Because China's Ministry of Commerce (MOFCOM) provides the vast majority of interest-free loans, and this project may have been funded through an ETCA (a MOFCOM financing mechanism), AidData has coded MOFCOM as the specific Chinese Government institution responsible for the provision of this loan. 3. Since the borrowing terms of the interest-free loan are unavailable, AidData has set the maturity to 20 years by default and grace period to 10 years by default, per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity of interest-free loans is 20 years, with a drawdown period of 5 years, grace period of 5 years, and repayment over 10 years. AidData treats the drawdown period as providing 5 years of additional grace.