China Development Bank provides EUR 19 million loan to the Investment and Development Fund of Montenegro
Commitment amount
$ 24432027.72455239
Adjusted commitment amount
$ 24432027.72
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Montenegro
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Description
On July 7, 2018, China Development Bank (CDB) signed a loan agreement with the Montenegro Investment and Development Fund (IDF MN). The loan is a three year loan for EUR 19 million, and the interest rate is 2.1 percentage points plus the Euro Interbank Offered Rate. The loan is intended to support the IDF MN's business development and marks the first business cooperation between China Development Bank and Montenegro. The signing of this loan agreement is a part of the 2 billion Euro-equivalent development finance cooperation loan project announced by Premier Li Keqiang in November 2017, which will aid in development of the 16+1 relationship between China and the Central and Eastern European Union.
Additional details
1. The Chinese name for the 2 billion EUR developmental loan project to Central and Eastern European Union countries is 中国—中东欧银联体20亿等值欧元开发性金融合作贷款. 2. Since the signing of this loan, Greece has joined China and Central and Eastern European Union, now known as the 17+1 cooperation.
Number of official sources
2
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Investment and Development Fund of Montenegro (IDF MN) [State-owned Fund]
Loan Details
Maturity
3 years
Interest rate
2.4%
Grant element (OECD Grant-Equiv)
9.7491%