Chinese Government provides CVE 82 million interest-free loan for Achada Monte Secondary School Construction Project (Linked to Project ID#371)

In 2007, the Chinese Government and the Government of Cape Verde reportedly signed an Economic and Technical Cooperation Agreement (ETCA), which committed an RMB 30 million interest-free loan for multiple projects (see Project ID#371). The Government of Cape Verde reportedly drew upon the proceeds of this loan to fully finance the Achada Monte School Construction Project at a cost of CVE 82 million. This project involved the construction of a secondary school in the town of Achada Monte within São Miguel municipality with 7 classrooms, an amphitheater, a teacher's room, a director's room, and a secretariat. The contractor responsible of the implementation of this project is unknown. On September 4, 2008, a foundation stone laying ceremony took place. Then, on September 10, 2009, the Achada Monte Secondary School (Escola Secundária de Achada Monte) was officially inaugurated.

Additional details

1. The Portuguese project title is Construção da Escola Secundária de Achada Monte. 2. This project is not included in the database of Chinese loan commitments to African governments that SAIS-CARI released in 2020. 3. Since the borrowing terms of the interest-free loan are unavailable, AidData has set maturity to 20 years by default and grace period to 10 years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period 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.

Number of official sources

5

Number of total sources

7