China Development Bank provides a $5 million USD loan to the Development Bank of Jamaica for on-lending purposes
Commitment amount
$ 6149400.906706387
Adjusted commitment amount
$ 6149400.91
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Jamaica
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
In 2011, China Development Bank (CDB) and the Development Bank of Jamaica (DBJ) signed a $5 million loan agreement for on-lending to projects that involved the purchase of goods and services from China. The loan carried the following terms: a maturity period of 5 years and an interest rate of 6-month LIBOR plus 380 basis points. This loan was repaid in full by December 2014.
Additional details
1. This CDB loan is not included in the China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center. 2. The Development Bank of Jamaica is a corporation wholly owned by the Government of Jamaica and is mandated to foster economic growth and development of strategic sectors of the Jamaican economy. 3. The 6-Month LIBOR rate is not identified in any of the underlying sources, so AidData used the average 6-Month LIBOR rate from 2011 (0.507%) to calculate the effective, all-in interest rate (0.507% + 3.800% = 4.307%).
Number of official sources
9
Number of total sources
11
Details
Cofinanced
No
Direct receiving agencies [Type]
Development Bank of Jamaica (DBJ) [State-owned Bank]
Implementing agencies [Type]
Development Bank of Jamaica (DBJ) [State-owned Bank]
Loan Details
Maturity
5 years
Interest rate
4.307%
Grant element (OECD Grant-Equiv)
3.5814%