Project ID: 59034

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

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2008-01-01

Actual start

2008-05-30

Actual complete

2009-12-01

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

Download the dataset

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%

Bilateral loan

Inter-bank loan

Investment project loan