China Eximbank provides second, 5-year grace period extension on RMB 440 million loan for Nuku'alofa Central Business District (CBD) Reconstruction Project (Linked to Project ID#37646, #64926)

On November 19, 2007, China Eximbank and the Government of Tonga signed an RMB 440 million (or TOP 118 million) government concessional loan (GCL) agreement for the Nuku'alofa Central Business District (CBD) Reconstruction Project (as recorded in Project ID#37646). The GCL carried the following borrowing terms: a 2% interest rate, a 5 year grace period, a 20 year maturity, a 1% management fee, and a 0.75% commitment fee. Then, in September 2013, China Eximbank and the Government of Tonga signed a debt rescheduling agreement (captured via Project ID#64926), which amended the original borrowing terms by extending the grace period from 5 years to 10 years. All other borrowing terms (maturity, interest rate, and fees) were left untouched. The loan was thus rescheduled for semi-annual repayment between September 21, 2018 and September 21, 2028. Then, in November 2018, China Eximbank and the Government of Tonga signed a debt rescheduling agreement (captured via Project ID#73248), which amended the original borrowing terms by extending the grace period from 5 years to 15 years. All other borrowing terms (maturity, interest rate, and fees) were left untouched. The loan was thus rescheduled for semi-annual repayment between September 21, 2023 and September 21, 2028.

Number of official sources

3

Number of total sources

5