Skip to content
AidData logo

Overview

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

Commitments (Constant USD, 2023)$1,690,111
Commitment Year•2007Country of Activity•Cabo VerdeDirect Recipient Country of Incorporation•Cabo VerdeSector•EducationFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2007
Start (actual)
Sep 4, 2008
End (actual)
Sep 10, 2009
First repayment (originally scheduled)
Dec 29, 2016
Last repayment (originally scheduled)
Dec 27, 2026

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This project involved the construction of a secondary school in the town of Achada Monte within São Miguel municipality. More detailed locational information can be found at: https://www.openstreetmap.org/node/1960679163

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 Cabo Verde

Loan desecription

Chinese Government provides CVE 82 million interest-free loan for Achada Monte Secondary School Construction Project

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

Narrative

Full Description

Project narrative

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 Record 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.

Staff comments

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.