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MOFCOM reschedules RMB 60 million interest-free loan via maturity and grace period extensions
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Ethiopia Ministry of Finance and Economic Development |
| Country | Ethiopia |
| Start Date | Aug 01, 2023 |
| End Date | Jul 31, 2032 |
| Duration | 3,287 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 108982 |
Grant Description
On November 2, 2004, China's Ministry of Commerce (MOFCOM) and the Government of Ethiopia's Ministry of Finance and Economic Development (MOFED) signed an RMB 60 million loan agreement for unspecified purposes.
The proceeds of the loan were on-lent by MOFED to the Addis Ababa City Administration.
The loan was eventually rescheduled, such that the borrower was responsible for making ten, equal, consecutive, annual principal payments between December 31, 2028 and June 30, 2038.
Staff Comments
- The loan identification number in the Government of Ethiopia’s Debt Management and Financial Analysis System (DMFAS) is 20705000 and the corresponding project name in DMFAS is ‘GOV.CREDIT 2004 No.11’. See https://www.dropbox.com/scl/fi/je0aon75miofi6mt4q5q9/MOFED-Loan-Level-Data-on-Borrowing-Terms-and-Loan-Performance-September-2024_PUBLIC.xlsx?rlkey=murbb074v1px7g4njt0utzxnf&dl=0.
- The Addis Ababa City Administration is a government executive organ of Addis Ababa, the capital of Ethiopia. It is governed by mayor.
- The precise date on which the debt rescheduling agreement was signed is unknown. For the time being, AidData assumes that it was signed at the same time that the Government of Ethiopia signed an August 2023 debt rescheduling agreement with China Eximbank. This issue merits further investigation.
Sources & References
MOFED Loan-Level Data on Borrowing Terms and Loan Performance September 2024_PUBLIC 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
Ethiopia Ministry of Finance and Economic Development
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