Skip to content
AidData logo

Overview

China Eximbank provides $8 million concessional loan for Independence Stadium Grandstand Rehabilitation Project (Linked to Record ID#2339)

Commitments (Constant USD, 2023)$10,289,108
Commitment Year•2010Country of Activity•ZambiaDirect Recipient Country of Incorporation•ZambiaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2010
Start (planned)
Jul 6, 2011
Start (actual)
Jul 6, 2011
End (planned)
Jan 6, 2014
End (actual)
Oct 30, 2013
First repayment (originally scheduled)
Oct 5, 2015
Last repayment (originally scheduled)
Feb 20, 2030

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

National Heroes Stadium (also known as Lusaka National Stadium) and Independence Stadium are both located in Lusaka, just by the border with Chibombo District, Central Province on the Great North Road. These stadia are geographically adjacent to each other. More detailed information can be found at https://www.openstreetmap.org/relation/9099651

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

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Zambia

Implementing agencies

Government Agencies

  • Zambia Ministry of Youth Sport and Child Development

State-owned companies

  • Shanghai Construction Group General Co.
  • Zambia Electricity Supply Corp. (ZESCO)

Loan description

China Eximbank provides $8 million concessional loan for Independence Stadium Grandstand Rehabilitation Project

Grace period•5.2659 yearsGrant element•53.6198%Interest rate (t₀)•1.936%Interest type•UnknownMaturity•19.6554 years

Narrative

Full Description

Project narrative

In July 2010, China Eximbank and the Government of Zambia signed a $8 million concessional loan agreement for the Independence Stadium Grandstand Rehabilitation Project. The borrowing terms of the loan are unknown. The project involved the construction of the new National Heroes Stadium and the repair of the old Independence Stadium in Lusaka. The latter had been closed for several years due to safety concerns. Shanghai Construction Group was the contractor responsible for project implementation. The contract originally specified that works would commence on July 6, 2011 and end on January 6, 2014. A formal groundbreaking ceremony took place on January 10, 2011. Construction began on July 6, 2011 and ended on October 30, 2013. It was officially handed over to the Government of Zambia's Ministry of Youth and Sport on June 2, 2014. Once Independence Stadium was opened, it was reportedly only used for practices and warm ups.

Staff comments

1. Another $86.1 million China Eximbank concessional loan was issued for the National Heroes Stadium (AKA Lusaka National Stadium) Construction Project (as captured via Record ID#2339). 2. According to the World Bank's Debtor Reporting System (DRS), the weighted average grace period of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Zambia was 5.2659 years in 2010. AidData estimates the grace period of the China Eximbank loan that supported the Independence Stadium Grandstand Rehabilitation Project by using this figure. See https://www.dropbox.com/scl/fi/uyz6w7q31x2o8i6rna7ug/DRS-May-2024-Extraction-Official-Chinese-Loan-Commitments-to-Zambia.xlsx?rlkey=n0a6270w91pdmmfyaoqva419r&dl=0 3. According to the World Bank's Debtor Reporting System (DRS), the weighted average maturity of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Zambia was 19.6554 years in 2010. AidData estimates the maturity of the China Eximbank loan that supported the Independence Stadium Grandstand Rehabilitation Project by using this figure. See https://www.dropbox.com/scl/fi/uyz6w7q31x2o8i6rna7ug/DRS-May-2024-Extraction-Official-Chinese-Loan-Commitments-to-Zambia.xlsx?rlkey=n0a6270w91pdmmfyaoqva419r&dl=0 4. According to the World Bank's Debtor Reporting System (DRS), the weighted average interest rate of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Zambia was 1.936% in 2010. AidData estimates the interest rate of the China Eximbank loan that supported the Independence Stadium Grandstand Rehabilitation Project by using this figure. See https://www.dropbox.com/scl/fi/uyz6w7q31x2o8i6rna7ug/DRS-May-2024-Extraction-Official-Chinese-Loan-Commitments-to-Zambia.xlsx?rlkey=n0a6270w91pdmmfyaoqva419r&dl=0