China provides $4.9 million interest free loan for economic development projects to Ethiopia
Constant 2017 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
This project is classified as an "umbrella" project, and is connected to related projects.
Funding agency [Type]
China Ministry of Commerce [Government Agency]
Unallocated/unspecified (Code: 998)
On August 12, 2005, the governments of China and Ethiopia signed an a $4.9 million interest-free loan agreement at the Ministry of Finance and Economic Development in Ethiopia. The loan will be used to finance projects geared towards ensuring sustainable economic development. The status of these projects is uncertain. This loan may be part of a sum $2 billion of Chinese assistance to Ethiopia from 2002-2007, which was given in exchange for oil drilling rights.
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.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Ethiopia [Government Agency]