Chinese Government provides $14 million interest-free loan for unspecified agricultural project
Commitment amount
$ 15257896.470301474
Adjusted commitment amount
$ 15257896.47
Constant 2021 USD
Summary
Funding agency [Type]
China Ministry of Commerce [Government Agency]
Recipient
Guinea-Bissau
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On September 3-4, 2018, at the 2018 Forum on China-Africa Cooperation in Beijing, the Chinese Government and the Government Guinea-Bissau signed a USD $14 million interest-free loan agreement for an unspecified agricultural project.
Additional details
1. The borrowing terms of the loan are unknown. For the time being, AidData assumes that the standard MOFCOM borrowing terms for an interest-free loan apply: 20 year maturity, 10 year grace period, and 0% interest. 2. In June 2018, the Chinese Government announced that it would provide a grant for the construction of an Agricultural School (with classrooms and residences and the capacity to accommodate 38 students) in the town of Caliquiesse. The Chinese ambassador to Guinea-Bissau, Jin Hongjun, noted in June 2018 that 16 Chinese technicians were already in Canchungo, 30 kilometers from Caliquisse, and they would provide training at the future school. It is unclear if this grant is related to the $14 million interest-free loan agreement. This issue warrants further investigation.
Number of official sources
2
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Guinea-Bissau [Government Agency]
Loan Details
Maturity
20 years
Interest rate
0.0%
Grace period
10 years
Grant element (OECD Grant-Equiv)
71.6021%