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

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.

Additional details

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%).

Number of official sources

3

Number of total sources

6