Project ID: 62603

China Development Bank and ZTE Corporation provided $300 million loan to Econet Wireless Zimbabwe for ICT market consolidation and new services

Commitment amount

$ 336682670.8736857

Adjusted commitment amount

$ 336682670.87

Constant 2021 USD

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

ZTE Corporation [State-owned Company]

Recipient

Zimbabwe

Sector

Communications (Code: 220)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-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

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2015-12-04

Planned start

2015-12-04

Description

On December 4, 2015, China Development Bank and ZTE (中兴通讯) Corporation provided a $300 million loan to Econet Wireless Zimbabwe for ICT market consolidation and new services. The terms of the loan and the breakdown of financing between the two financiers are unknown. According to a statement released by Econet Wireless, the parent group Econet Global secured a $500 million from China Development Bank and ZTE. According to Douglas Mboweni, Econet Wireless Zimbabwe’s CEO, the loan was negotiated at the group level and $300 million from the $500 million facility will be channelled to Econet Zimbabwe.

Number of official sources

0

Number of total sources

4

Download the dataset

Details

Cofinanced

Yes

Direct receiving agencies [Type]

Econet Wireless Zimbabwe [Private Sector]

Loan Details

Syndicated loan