China Eximbank provides $7.1 million USD loan for Cotton Ginning Factories Rehabilitation Project (Linked to #56979)
Commitment amount
$ 15408656.782260459
Adjusted commitment amount
$ 15408656.78
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Sudan
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
In April 2005, China Eximbank and the Government of Sudan signed a $7.1 million USD loan agreement for the Cotton Ginning Factories Rehabilitation Project. The loan carried the following terms: 4% interest rate, 2-year grace period, and 8-year maturity. According to Sudan’s Ministry of Finance and National Economy, $2.8 million USD of this loan was disbursed in 2007, and $2.9 million USD was disbursed in 2008. Boshan Pump Industry Co., Ltd. (also known as Shandong Sure Boshan Pump Industry Co., Ltd.) was the contractor responsible for implementation. All other project details are unknown. In March 2004, the Chinese Government provided a $15 million USD loan for the same project (see Project #56979).
Additional details
The Bank of Sudan's annual reports use the term 'loan fee' instead of interest rate. A CMI report (source #64700, p. 51) says that this loan commitment was actually $6.7 million USD. However, AidData relies on the $7.1 million USD figure provided by the Bank of Sudan.
Number of official sources
2
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Sudan [Government Agency]
Implementing agencies [Type]
Boshan Pump Industry Co., Ltd. [State-owned Company]
Loan Details
Maturity
8 years
Interest rate
4.0%
Grace period
2 years
Grant element (OECD Grant-Equiv)
18.6429%