ZTE provides $28.4 million supplier credit for Electricity Project (Linked to Project ID#69392)
Commitment amount
$ 31536509.927142486
Adjusted commitment amount
$ 31536509.93
Constant 2021 USD
Summary
Funding agency [Type]
ZTE Corporation [State-owned Company]
Recipient
Ethiopia
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On May 4, 2014, ZTE Corporation provided a $28,485,814.98 supplier credit to the Government of Ethiopia for an unspecified Electricity Project. The supplier credit carried the following borrowing terms: a 12 year maturity, a 2 year grace period, and an annual interest rate of 6-month LIBOR plus a 2.6% margin. The interest rate that applies to this loan (2.923%) was calculated by taking the average 6-month LIBOR rate during the month (May 2014) when the supplier credit agreement was finalized (0.323%) and adding a 2.6% margin. The Government of Ethiopia issued a sovereign guarantee in support of the supplier credit. The implementation status of the Electricity Project that was supported by the supplier credit is unknown.
Additional details
1. The financing in this project was committed on the same day as financing captured via Project ID#69392.
Number of official sources
3
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Ethiopia [Government Agency]
Guarantee provider [Type]
Government of Ethiopia [Government Agency]
Loan Details
Maturity
12 years
Interest rate
2.923%
Grace period
2 years
Grant element (OECD Grant-Equiv)
29.0047%