Overview

Chinese Government provides RMB 50 million interest-free loan for procurement of railway tracks from China

Commitments (Constant USD, 2023)$12,708,441

Commitment Year•2004Country of Activity•MyanmarDirect Recipient Country of Incorporation•MyanmarSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 6, 2004

Start (planned): Jul 1, 2004

First repayment (originally scheduled): Dec 29, 2013

Last repayment (originally scheduled): Dec 27, 2023

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 Myanmar (Burma)

Implementing agencies

State-owned companies

Henan Cereals, Oils & Foodstuffs Import & Export Group Corp.,Ltd

Loan description

Chinese Government provides RMB 50 million interest-free loan for procurement of railway tracks from China

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

Narrative

Full Description

Project narrative

In July 2004, the Chinese Government provided an RMB 50 million interest-free loan to the Government of Myanmar for the procurement of railway tracks from China. The agreement was reached when Lieutenant General Khin Nyunt visited China. According to China’s Ministry of Commerce, Henan Cereals, Oils & Foodstuffs Import & Export Group was the contractor responsible for project implementation. This company was contracted for the project in December 2004.

Staff comments

1. One source puts the face value of the loan are RMB 49.96 million rather than RMB 50 million. 2. 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 p, er 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. 3. The Chinese project title is 缅甸钢轨项目.