Narrative
Full Description
Project narrative
On February 21, 2017, China Eximbank and the Government of Kenya signed an RMB 496,979,882.14 government concessional loan (GCL) agreement for Phase 2 of the Kenya Power Distribution System Modernization and Strengthening Project. The borrowing terms of the GCL are as follows: a 3% interest rate, a 3-year grace period, and a 18 year maturity (final maturity date: March 21, 2035). The loan is scheduled for repayment in semi-annual installments between February 21, 2020 and August 21, 2031. The loan disbursed RMB 6,886,865.15 between July 1, 2020 and June 30, 2021 (Fiscal Year 2020-2021). The borrower made principal repayments worth RMB 1,505,040.66 between July 1, 2021 and June 30, 2022 (Fiscal Year 2021-2022). The loan's amount outstanding was RMB 29,234,110.75 as of June 30, 2020, RMB 36,120,975.90 as of June 30, 2021, and RMB 34,615,935.24 as of June 30, 2022.
Staff comments
1. This project is also known as the Kenya Power Distribution System Modernization and Strengthening Project Phase II Project and the Kenya Power Distribution System Modernization and Strengthening Project Phase II (Lot 2). 2. This China Eximbank loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. Nor is it included in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020. 3. The Kenya Electronic Project Management Information System (e-ProMIS) identifies the value of the loan commitment as $112 million. AidData relies on the face value (RMB 496,979,882.14) of the loan, as recorded in the National Treasury’s public debt register (at https://www.treasury.go.ke/wp-content/uploads/2021/09/External-Public-Debt-Register-as-at-End-June-2020.pdf). AidData also records the borrowing terms of the loan that are reported in the National Treasury’s public debt register. 4. The e-ProMIS project identification and reference numbers are 2017/056524 and EN0012017, respectively. 5. The loan identification number in the National Treasury’s public debt register is 2017007. 6. The amounts outstanding, disbursements, and repayments data are drawn from the Kenyan Treasury’s External Public Debt Register. See https://www.dropbox.com/s/549ixt2gj1jbjvi/External-Public-Debt-Register-as-at-End-June-2022.pdf?dl=0 and https://www.dropbox.com/s/0et4jg1qfg1bo7r/External-Public-Debt-Register-as-at-End-June-2021.pdf?dl=0 and https://www.dropbox.com/s/233j706743q7f1g/External-Public-Debt-Register-as-at-End-June-2020.pdf?dl=0 and https://www.dropbox.com/s/qkoybr9ja0ohemy/External-Public-Debt-Register-as-at-End-June-2009.pdf?dl=0 and https://www.dropbox.com/s/thy3s6ggjcjd97z/External-Public-Debt-Register-as-at-End-June-2012.pdf?dl=0 and https://www.dropbox.com/s/fzbfq01vas6m0i9/External-Public-Debt-Register-as-at-End-June-2019.pdf?dl=0 and https://www.dropbox.com/s/ennrl6d4zd2nizs/External-Public-Debt-Register-as-at-End-June-2018.pdf?dl=0 and https://www.dropbox.com/s/8ibazrj1a8oho2d/External-Public-Debt-Register-as-at-End-June-2017.pdf?dl=0 and https://www.dropbox.com/s/wdbjl0wq49i09x1/External-Public-Debt-Register-as-at-End-June-2015.pdf?dl=0 7. This record has been marked as having evidence of financial distress because it was part of the debt restructuring agreement captured in records #92668 and #92667.