Active Development AidData Chinese Aid

Chinese Government provides interest-free loan worth CFA 3 billion for unspecified development projects (Linked to Record ID#334)

$5M USD

Funder	China Ministry of Commerce
Recipient Organization	Government of Republic of Congo
Country	Congo
Start Date	May 24, 2001
End Date	Jan 14, 2033
Duration	11,558 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`12814`

Grant Description

Chinese Government provides interest-free loan worth CFA 3 billion for unspecified development projects On May 24, 2001, the Chinese Government and the Government of the Republic of Congo signed an interest-free loan agreement worth CFA 3 billion for an unspecified set of development projects (to be later agreed upon by the two parties).

On May 25, 2001, the Chinese Government and Republic of Congo signed a related agreement for the cancellation of $43 million in outstanding debt, for this agreement see Record ID#334.

📋 Staff Comments

This loan was almost certainly approved through an Economic and Technical Cooperation Agreement (ETCA) and it most likely supported multiple projects, so AidData has coded it as an umbrella project for the time being. Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20-years by default and grace period to 10-years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20-years, with a drawdown period of 5-years, grace period of 5-years, and repayment over 10-years. AidData treats the drawdown period as providing 5-years of additional grace.

📚 Sources & References

China cancels $75 mln of Congo Republic debt. 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

Government of Republic of Congo

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