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Overview

China Eximbank reschedules a $100 million loan for Serbia

Commitment Year•2009Country of Activity•SerbiaDirect Recipient Country of Incorporation•SerbiaSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 20, 2009
Start (actual)
Feb 20, 2009
End (planned)
Jan 21, 2021

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Serbia

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan description

China Eximbank reschedules a $100 million loan for Serbia

Grace period•1.5 yearsGrant element•30.9159%Interest rate (t₀)•3.057%Interest type•Fixed Interest RateMaturity•12 years

Narrative

Full Description

Project narrative

On December 23, 1999, the Federal Republic of Yugoslavia (FRY) contracted a $100 million loan with China Eximbank for currency stabilization purposes. The loan had a 5 year maturity and a 20 month grace period, and it was to be repaid in semi-annual installments until January 2005. After the dissolution of FRY, the Republic of Serbia assumed responsibility for this debt. On February 20, 2009, the loan agreement was restructured and all rights and liabilities from this loan were transferred to China Export & Credit Insurance Corporation (Sinosure). The new loan had a 10.5 year repayment period (between July 21, 2010 and January 21, 2021), a 1.5 year grace period (February 20, 2009 to July 21, 2010), and an interest rate set to 6-month Libor + a 1.30% margin. As of June 30, 2012, the outstanding principal debt was $67.7 million. As of December 31, 2018, the loan was still being repaid in accordance with the terms of the agreement in semi-annual installments. As of 2020, the remaining principal to be paid was $9,201,080.

Staff comments

The average 6 month LIBOR rate in February 2009 was 1.757%, so AidData codes the all-in interest rate as 1.757% + 1.3% = 3.057%. No transaction amount is recorded since this project represents a loan rescheduling, not an original flow of resources to recipient country.