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SAFE provides $75 million deposit loan to shore up foreign exchange reserves in 2006
| Funder | China State Administration of Foreign Exchange (SAFE) |
|---|---|
| Recipient Organization | National Bank of Serbia (NBS) |
| Country | Serbia |
| Start Date | Dec 20, 2006 |
| End Date | Jan 02, 2029 |
| Duration | 8,049 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 102309 |
Grant Description
SAFE provides $75 million deposit loan to shore up foreign exchange reserves in 2006 On December 20, 2000, Bank of China and the National Bank of Yugoslavia, which became the National Bank of Serbia (NBS) in early 2003, signed a $100 million ‘short-term’ deposit loan agreement to bolster the country’s foreign exchange reserves.
The $100 million loan was then extended (‘rolled over’) multiple times through five consecutive 1-year maturity extensions in 2001 (final maturity date: December 20, 2002), 2002 (final maturity date: December 20, 2003), 2003 (final maturity date: December 20, 2004), 2004 (final maturity date: December 20, 2005), and 2005 (final maturity date: December 20, 2006).
During calendar year 2006, NBS made a $25 million principal repayment to Bank of China; the remaining debt ($75 million of outstanding principal) was assigned to China’s State Administration of Foreign Exchange of China (SAFE) and granted a maturity extension (until December 20, 2007).
Then, after NBS made a $25 million principal payment to SAFE in December 2007, the lender extended the final maturity date of the remaining $50 million from December 20, 2007 to December 20, 2008.
In calendar year 2008, NBS made another $25 million principal payment to SAFE, bringing the total amount outstanding under the loan agreement to $25 million. The lender extended the final maturity date of the remaining $25 million from December 20, 2008 to December 20, 2009.
Then, during calendar year 2009, NBS fully settled its outstanding debt by making a final $25 million principal payment to SAFE.
Staff Comments
1. The National Bank of Yugoslavia (NBY, Serbo-Croatian: Narodna banka Jugoslavije) was the central bank of Yugoslavia, succeeding the National Bank of the Kingdom of Serbia in Belgrade in 1920. It lasted under that name until February 4, 2003, when it was renamed the National Bank of Serbia with a reduced geographical scope following the breakup of Yugoslavia.
Sources & References
- China Gives Yugoslavia Credits Of $53 Million to Aid Rebuilding, 1999年中国人民银行大事记
- Federal Republic of Yugoslavia First Review Under the Stand-By Arrangement and Request for a Waiver
- National Bank of Yugoslavia Annual Report 2000
- National Bank of Yugoslavia Annual Report 2001
- National Bank of Yugoslavia Annual Report 2002
- National Bank of Yugoslavia Annual Report 2003
- National Bank of Serbia Annual Report 2004
- National Bank of Serbia Annual Report 2005
- National Bank of Serbia Annual Report 2006
- National Bank of Serbia Annual Report 2007
- National Bank of Serbia Annual Report 2008
- National Bank of Serbia Annual Report 2009 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
National Bank of Serbia (NBS)
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