Chinese Government provides RMB 30 million interest-free loan to Namibia

¥30M RMB

Funder	Unspecified Chinese Government Institution
Recipient Organization	Government of Namibia
Country	Namibia
Start Date	Oct 01, 2003
End Date	Sep 08, 2030
Duration	9,839 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`1256`

Grant Description

Chinese Government provides RMB 30 million interest-free loan to Namibia In late October of 2003, the Chinese Ambassador to Namibia announced that his government would provide the African country a 30 million Yuan loan at zero interest in order to enhance cooperation between the two countries and help Namibia with development programs.

A diplomat stated that the funds were intended for the purchase of general goods. Calle Schlettwein, Permanent Secretary in the Namibian Ministry of Finance, was involved with the negotiation of terms. After considering whether to accept the loan, the Namibian government decided to accept the loan in December of 2003.

It is unclear what the funds were ultimately used to purchase, but the record appears to be untied. The loan is meant to be repaid over a 10-year period, beginning in 2013.

📚 Sources & References

Govt Mulls Chinese Loan.
China Agrees N$22,3m Loan 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.