Overview

Chinese government loans RMB 20 million interest-free to Benin as part of an ETCA (Linked to Record ID#59049)

Commitments (Constant USD, 2023)$4,892,390

Commitment Year•2005Country of Activity•BeninDirect Recipient Country of Incorporation•BeninSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 16, 2005

Start (actual): Dec 16, 2005

First repayment (originally scheduled): Dec 30, 2014

Last repayment (originally scheduled): Dec 27, 2024

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

Government Agencies

China Ministry of Commerce

Receiving agencies

Government Agencies

Government of Benin

Loan description

Chinese government loans RMB 20 million interest-free to Benin as part of an ETCA

Grace period•10 yearsGrant element•75.0516%Interest rate (t₀)•0%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

On December 16, 2005, the Chinese Ambassador to Benin, Li Beifen, and Benin Minister of Foreign Affairs, Rogatien Biaou, signed an Economic and Technical Cooperation Agreement (ETCA) to provide a RMB 20 million interest-free loan to Benin for projects to be specified at a later date. This loan was signed alongside a RMB 20 million grant from the Chinese government under another ETCA (see Record ID#59049). The allocation of funds is unknown.

Staff comments

1. Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20 years by default and grace period to 10 years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20 years, with a drawdown period of 5 years, grace period of 5 years, and repayment over 10 years. AidData treats the drawdown period as providing 5 years of additional grace. 2. This record has been marked as having evidence of financial distress because it was subject to debt forgiveness captured in record #108739.