Overview

China Eximbank provides $7.1 million USD loan for Cotton Ginning Factories Rehabilitation Project (Linked to Record ID#56979)

Commitments (Constant USD, 2023)$14,230,747

Commitment Year•2005Country of Activity•SudanDirect Recipient Country of Incorporation•SudanSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 1, 2005

First repayment: Jan 1, 2007

Last repayment: Dec 30, 2012

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

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

Government of Sudan

Implementing agencies

State-owned companies

Boshan Pump Industry Co., Ltd.

Loan desecription

China Eximbank provides $7.1 million USD loan for Cotton Ginning Factories Rehabilitation Project

Grace period•2 yearsGrant element•21.7893%Interest rate (t₀)•4%Interest type•Fixed Interest RateMaturity•8 years

Narrative

Full Description

Project narrative

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 Record ID#56979).

Staff comments

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.