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Overview

MOFCOM provides RMB 20 million interest-free loan for unspecified purposes

Commitments (Constant USD, 2023)$4,892,390
Commitment Year•2005Country of Activity•Sierra LeoneDirect Recipient Country of Incorporation•Sierra LeoneSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2005
First repayment (originally scheduled)
Dec 30, 2014
Last repayment (originally scheduled)
Dec 27, 2024

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

Government Agencies

  • China Ministry of Commerce

Receiving agencies

Government Agencies

  • Government of Sierra Leone

Loan description

MOFCOM provides RMB 20 million interest-free loan for unspecified purposes

Grace period•10 yearsGrant element•75.0516%Interest rate (t₀)•0%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

In 2005, the China's Ministry of Commerce (MOFCOM) and the Government of Sierra Leone signed an RMB 20 million loan agreement for unspecified purposes. The loan [Chinese Loan Account No. 12] carried the following borrowing terms: a 0% interest rate, a 20 year maturity, and a 10 year grace period. The borrower was expected to repay the lender in ten, consecutive, annual payments (of RMB 2 million each) between 2015 and 2024. The first disbursement was made in 2011 and the first repayment was made in 2015. The (principal) amount outstanding under the loan was RMB 18,460,000 as of December 31, 2015, RMB 18,460,000 as of December 31, 2016, RMB 18,460,000 as of December 31, 2017, RMB 18,460,000 as of December 31, 2018, RMB 18,460,000 as of December 31, 2019, RMB 18,460,000 as of December 31, 2020, RMB 4,460,000 as of December 31, 2021, and RMB 2,460,000 as of December 31, 2022.

Staff comments

1. The Government of Sierra Leone loan identification (key) number is 2005281. 2. Data on disbursements, repayments, and amounts outstanding can be accessed via https://www.thesierraleonetelegraph.com/wp-content/uploads/2019/12/Sierra-Leone-Auditor-General-Report-2018.pdf and https://website.auditservice.gov.sl/wp-content/uploads/2023/12/Auditor-General-Annual-Report-2022.pdf and https://website.auditservice.gov.sl/wp-content/uploads/2023/12/assl-auditor-general-annual-report-2016.pdf and https://mof.gov.sl/wp-content/uploads/2022/08/Sierra-Leone-Report-on-SOEs-_31st-August-2022-Final.pdf and https://website.auditservice.gov.sl/wp-content/uploads/2023/12/Auditor-Generals-Annual-Report-2018.pdf and https://website.auditservice.gov.sl/wp-content/uploads/2023/12/Annual-Report-on-the-Account-of-Sierra-Leone-2021.pdf and https://website.auditservice.gov.sl/wp-content/uploads/2023/12/Auditor_Generals_Annual-Report-2017_10_1_19.pdf and https://website.auditservice.gov.sl/wp-content/uploads/2023/12/Annual-Report-on-the-Account-of-Sierra-Leone-2019.pdf and https://mof.gov.sl/wp-content/uploads/2024/04/FINAL-REPORT-on-SOEs-CLEAN-24TH-APRIL-2024.pdf