Overview

ZTE loans USD 7.407 million to Cell C for unspecified purposes

Commitments (Constant USD, 2023)$8,078,975

Commitment Year•2016Country of Activity•South AfricaDirect Recipient Country of Incorporation•South AfricaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

Last repayment (originally scheduled): Dec 30, 2020

Stakeholders

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

Funding agencies

State-owned companies

ZTE Corporation (formerly Zhongxing Telecommunication Equipment Corporation)

Receiving agencies

Private Sector

Cell C Limited South Africa

Loan description

ZTE loans USD 7.407 million to Cell C for unspecified purposes

Grant element•11.264%Interest rate (t₀)•4.34615%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

In 2016, Chinese telecommunications company ZTE loaned USD 7.407 million through bridge vendor financing to Cell C, a South African telecommunications company, for unspecified purposes. The financing had an interest rate of six-month Libor + 3.5%(1.058% + 3.5%=4.558%) and a contractual interest rate of 6.4%, accrued monthly and settled biannually. As of May 31, 2019, the outstanding loan amount was USD 151,000. The loan is set to expire on October 13, 2021.