China Eximbank provides 5-year grace period extension on RMB 291 million loan for Phase 3 of the National Road Improvement Project (Linked to Project ID#39199)

On January 22, 2010, China Eximbank and the Government of Tonga signed an RMB 291 million (or TOP 94 million or $44.2 million) government concessional loan (GCL) agreement for Phase 3 of the National Road Improvement Project (as recorded in Project ID#39199). The GCL carried the following borrowing terms: 2% interest rate, 5 year grace period, 20 year maturity, 1% management fee, and 0.75% commitment fee. Then, in September 2013, China Eximbank and the Government of Tonga signed a debt rescheduling agreement (captured in Project ID#64929), which amended the original borrowing terms by extending the grace period from 5 years to 10 years. All other borrowing terms (maturity, interest rate, and fees) were left untouched. The loan was thus rescheduled for semi-annual repayment between March 21, 2020 and March 21, 2030. The Government of Tonga began repayment of this loan in March 2020.

Additional details

No transaction amount is recorded since this project represents a loan rescheduling, not an original flow of resources to recipient country.

Number of official sources

9

Number of total sources

15