CDB provides $16.7 million loan for Phase 1 of the Great Wall Project
Commitment amount
$ 25460584.89654915
Adjusted commitment amount
$ 25460584.9
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Kenya
Sector
Other social infrastructure and services (Code: 160)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In November 7, 2006, China Development Bank signed a framework agreement with the Government of Kenya to fund Phase 1 of the Great Wall Project. Then, in 2007, China Development Bank provided a $16.7 million loan to the Development Bank of Kenya to fund the implementation of Phase 1 of the Great Wall Project. The loan was provided on the following terms: 6-month LIBOR plus a margin of 0.8% (3.06% + 0.8% = 3.86%) and a 15 year maturity. The loan matures in 2022. The project involved the construction of 528 low-cost apartments in Mavoko municipality of Machakos county, each of which was to be sold for about $50,000 USD to Kenyan consumers. The project was initiated on May 30, 2008, and it was completed in December 2009. Erdemann Property Ltd. and China Wu Yi Co., Ltd. were the contractors.
Additional details
1. The Chinese name of this project is 肯尼亚中低收入住房试点项目. 2. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it does not record the lending terms (interest rate or maturity) for this CDB loan. AidData records the terms of the CDB loan (6-month LIBOR plus a margin of 0.8% and a 15 year maturity) that are contained in the 2016 Financial Statements of Development Bank of Kenya Limited.
Number of official sources
7
Number of total sources
14
Details
Cofinanced
No
Direct receiving agencies [Type]
Development Bank of Kenya [State-owned Bank]
Implementing agencies [Type]
China Wuyi Co., Ltd. [State-owned Company]
Erdemann Property Limited [Private Sector]
Loan Details
Maturity
15 years
Interest rate
3.68%
Grace period
0 years
Grant element (OECD Grant-Equiv)
25.3944%