ZTE provides $300 million supplier's credit for Ethio Telecom Expansion Project (Linked to Project ID#30884)
Commitment amount
$ 332128569.4225465
Adjusted commitment amount
$ 332128569.42
Constant 2021 USD
Summary
Funding agency [Type]
ZTE Corporation [State-owned Company]
Recipient
Ethiopia
Sector
Communications (Code: 220)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On December 16, 2014, ZTE Corporation and the Government of Ethiopia signed a $300 million loan for the Ethio Telecom Expansion Project. Ethio Telecom also contracted a $800 million loan with ZTE Corporation in Fiscal Year 2013. However, that loan was subsequently canceled (as captured via Project ID#30884) and replaced with this new $300 million loan from ZTE Corporation. The loan carries the following borrowing terms: a 13 year maturity, a 3 year grace period, and an interest rate of 6 month LIBOR plus a 1.5% margin.
Additional details
1. The all-in interest rate (1.843%) was calculated by adding 1.5% to average 6-month LIBOR in December 2014 (0.343%).
Number of official sources
1
Number of total sources
1
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Ethiopia [Government Agency]
Implementing agencies [Type]
Government of Ethiopia [Government Agency]
Loan Details
Maturity
13 years
Interest rate
1.843%
Grace period
3 years
Grant element (OECD Grant-Equiv)
38.0235%