China Eximbank provides $325.67 million loan for 40 Parboiled Rice Processing Plants Project
Commitment amount
$ 384552604.23710203
Adjusted commitment amount
$ 384552604.24
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Nigeria
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On April 26, 2016, China Eximbank and the Government of Nigeria signed a $325.67 million preferential buyer’s credit (PBC) agreement for the 40 Parboiled Rice Processing Plants Project. This PBC (loan) carries the following borrowing terms: a 20 year maturity, a 7 year grace period, and a 2.5% interest rate. The final loan maturity date is March 21, 2036. As of December 31, 2020, Nigeria’s Debt Management Office (DMO) reported that the China Eximbank loan had not disbursed and the borrower had not made any interest or principal repayments to the lender. The purpose of this project is to develop 40 parboiled rice processing plants nationwide.
Additional details
1. The Chinese project title is 大米加工厂. 2. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020. 3. AidData assumes that this loan was issued in the form of a PBC because it was denominated in USD and provided on highly preferential terms. 4. AidData records the borrowing terms reported by Nigeria’s Debt Management Office (DMO) in its ‘Loans Obtained from China Exim As At December 31, 2020’ publication.
Number of official sources
3
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Nigeria [Government Agency]
Loan Details
Maturity
20 years
Interest rate
2.5%
Grace period
7 years
Grant element (OECD Grant-Equiv)
37.2329%