Overview

China Development Bank provides $27.12 million buyer’s credit loan for the Magnetic Resonance Imaging Equipment (MRI) Project (Linked to Record ID#58342)

Commitments (Constant USD, 2023)$27,813,002

Commitment Year•2014Country of Activity•KenyaDirect Recipient Country of Incorporation•KenyaSector•HealthFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2014

First repayment (originally scheduled): Jun 4, 2016

Last repayment (originally scheduled): Jun 4, 2019

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

China Development Bank (CDB)

Receiving agencies

Government Agencies

Government of Kenya

Implementing agencies

Private Sector

Neusoft Medical Systems Co., Ltd.

Loan description

China Development Bank provides $27.12 million buyer’s credit loan for the Magnetic Resonance Imaging Equipment (MRI) Project

Grace period•2 yearsGrant element•18.4975%Interest rate (t₀)•3.3219%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In 2014, China Development Bank and the Government of Kenya signed a buyer’s credit loan agreement worth $27,120,000.20 for the Magnetic Resonance Imaging Equipment (MRI) Project. The borrowing terms of this loan were as follows: a 2 year grace period, a 5 year maturity, and an annual interest rate of LIBOR plus a 3% margin. The loan was scheduled for repayment in semiannual installments from June 4, 2016 to June 4, 2019. Under the loan agreement, the amount outstanding as of June 2019 was KES 409,193,200. There was no amount outstanding as of June 2020. As of June 2019, the borrower had repaid an amount equivalent to KES 422,920,000. The purpose of the project was to facilitate the acquisition of 20 pieces of Magnetic Resonance Imaging (MRI) equipment from Neusoft Medical Systems.

Staff comments

1. This project is also known as the 20 Magnetic Resonance Imaging Equipment (MRI) Project. 2. AidData has estimated the all-in interest rate by adding 3% to the average 6-month LIBOR rate in 2014 (0.33%).