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Overview

Chinese Government reschedules a 2003 interest-free loan to Cuba by postponing payment for 10 years (Linked to Record ID#88297)

Commitment Year•2014Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 22, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

  • Government of Cuba

Loan description

Chinese Government reschedules a 2003 interest-free loan to Cuba by postponing payment for 10 years (Linked to Record ID#88297)

Interest rate (t₀)•0%Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

On July 22, 2014, the Chinese Government and the Government of Cuba signed an exchange of letters in which the Chinese Government agreed to reschedule Cuba's payment on a 2003 interest-free loan loan by postponing the start of the loan's payment period by 10 years. The loan was originally provided, for unspecified purposes, under an Economic and Technical Cooperation Agreement (ETCA) signed on December 24, 2003 (captured via Record ID#88297). The monetary value and borrowing terms of the interest-free loan are unknown. The rescheduling agreement was signed by Gao Hucheng, Chinese Minister of Commerce, and Rodrigo Malmierca Díaz, Minister of Foreign Trade and Foreign Investment.

Staff comments

1. As the original loan was made under an ETCA, which is a financing mechanism specific to China's Ministry of Commerce (MOFCOM), AidData has coded MOFCOM as the specific Chinese Government institution responsible for providing this interest-free loan.