Bank of China provides $30 million loan for unspecified defense project in 2019
Commitment amount
$ 33706938.367864184
Adjusted commitment amount
$ 33706938.37
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Zambia
Sector
Government and civil society (Code: 150)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
According to Zambia’s Ministry of Finance, Bank of China Zambia Ltd. and the Government of Zambia signed a $30 million loan agreement between January 2019 and June 2019 for an unspecified defense project. The estimated borrowing terms of the loan are as follows: a 2.0833-year grace period, a 5.0833-year maturity, and a 5.2005% interest rate. No additional details are available.
Additional details
1. This project is also known as the Defence Project. 2. Other defense loans contracted by the Government of Zambia in 2019 include a China Eximbank loan for the Chalala Barracks Project (captured via Project ID#88394). 3. The estimated borrowing terms of the loan are drawn from the World Bank's Debtor Reporting System. See https://www.dropbox.com/s/2sw4f7gluxa52fk/DRS%20Official%20Commitments%20from%20China%20Through%202021.xlsx?dl=0 and https://www.dropbox.com/s/ab8qt4n6jijcbhd/IDS_Average%20interest%20on%20new%20external%20debt%20commitments.xlsx?dl=0 and https://www.dropbox.com/s/949n5rctiue6d7c/IDS_Average_grace_period_and_maturity_on_new_external_debt_commitments.xlsx?dl=0
Number of official sources
4
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Zambia [Government Agency]
Loan Details
Maturity
5 years
Interest rate
5.2005%
Grace period
2 years
Grant element (OECD Grant-Equiv)
10.7661%