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Overview

CDB provides $16.7 million loan for Phase 1 of the Great Wall Project

Commitments (Constant USD, 2023)$23,521,050
Commitment Year•2008Country of Activity•KenyaDirect Recipient Country of Incorporation•KenyaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2008
Start (actual)
May 30, 2008
End (actual)
Dec 1, 2009
First repayment (originally scheduled)
Jan 1, 2008
Last repayment (originally scheduled)
Dec 28, 2022

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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These apartments are located in Mavoko municipality of Machakos County. More detailed locational information can be found at http://horiconengineering.com/project/great-wall-apartments-phase-i/ and https://www.google.com/maps/place/Greatwall+Gardens/@-1.429168,36.976985,3a,75y,90t/data=!3m8!1e2!3m6!1sAF1QipP6fhnbS-x0y23aDdgiWv71yGP7yDzGMqfrhd2U!2e10!3e12!6shttps:%2F%2Flh5.googleusercontent.com%2Fp%2FAF1QipP6fhnbS-x0y23aDdgiWv71yGP7yDzGMqfrhd2U%3Dw117-h86-k-no!7i3665!8i2681!4m5!3m4!1s0x182f74e6d2efa51d:0xad70192954956375!8m2!3d-1.429168!4d36.976985 and https://www.openstreetmap.org/way/659024540

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

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • Development Bank of Kenya (DBK)

Implementing agencies

Private Sector

  • Erdemann Property Limited

State-owned companies

  • China Wuyi Co., Ltd.

Loan description

CDB provides $16.7 million loan for Phase 1 of the Great Wall Project

Grant element•20.7974%Interest rate (t₀)•5.39625%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•15 years

Narrative

Full Description

Project narrative

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.

Staff comments

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.