Narrative
Full Description
Project narrative
On June 8, 2011, the Chinese Government and the Government of Uruguay signed an Economic and Technical Cooperation (ETCA) in which the Chinese Government provided a RMB 30 million ($4.6 million USD) (see linked Record ID#41189) and an interest-free loan of RMB 10 million ($1.6 million USD) (as captured by this project) to Uruguay promote scientific research, technical formation and teaching Mandarin. President of China Xi Jinping and President Jose Mujica also signed other agreements under which Beijing will buy $528 million USD in exports from Uruguay in finance, tourism, science and technology as well as contracts for local goods. Then, on November 29, 2017, the Chinese Government and the Government of Uruguay signed an agreement that partially allocated the committed funding from one or both of the June 2011 ETCAs and an ETCA signed in August 2011 (as captured by linked Record ID#689160) towards the construction of an educational center in Barrio Borro, Casavalle in Montevideo. In total, the Chinese Government provided the USD-equivalent of RMB 14,570,000 (~$2 million USD) towards the construction of the educational center. That sum is captured by linked Record ID#54986.
Staff comments
The Chinese Government provided the USD-equivalent of RMB 14,570,000 for the educational center. However, as the breakdown of the financing between the August 2010 ETCA captured by linked Record ID#68916 and the June 2011 ETCA captured by this project and/or linked Record ID#41189, linked Record ID#54986 captures all committed financing. For the June 2011 financing specifically, it is unclear which ETCA was used to finance the construction of the educational center and how much financing was used; for the time being, AidData has linked both to ID#54986. As this is an ETCA, which is a financing mechanism specific to China's Ministry of Commerce (MOFCOM), AidData has coded MOFCOM as the specific Chinese Government institution responsible for providing this interest-free loan. Since loan terms for the interest-free loan are unavailable, AidData has set maturity period 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 period 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.