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China Eximbank provides $334.7 million for Agricultural Machinery Acquisition Project (Linked to Record ID#63444)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Zimbabwe |
| Country | Zimbabwe |
| Start Date | Mar 21, 2011 |
| End Date | Oct 05, 2030 |
| Duration | 7,138 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 22041 |
Grant Description
China Eximbank provides $334.7 million for Agricultural Machinery Acquisition Project On March 21, 2011, China Eximbank and the Government of Zimbabwe signed a $334.7 million buyer’s credit loan (BCL) agreement for the Agricultural Machinery Acquisition Project.
The loan was signed in the presence of the Finance Minister of Zimbabwe, Tendai Biti, the President of the Export-Import Bank of China, Li Riougu, the Zimbabwean Vice President, Joice Mujuru, and the Vice Premier of China, Wang Qishan. It was also ratified by Zimbabwe’s Parliament.
The purpose of this project was to facilitate for the acquisition of tractors and other agricultural machinery.
As of May 2020, this loan had not yet been disbursed due to the fact that the Government of Zimbabwe did not meet a key condition of the loan agreement: the provision of a 10% down payment. As such, this loan appears to be inactive or in state of suspension.
Zimbabwe’s Ministry of Finance and Economic Development did not identify this loan as an outstanding obligation in its 2019 Blue Book Estimates of Revenue and Expenditure.
This project was financed as part of larger $566 million USD umbrella agreement, which is captured in the linked Record ID#63444.
Staff Comments
1. AidData has status-coded this project as ‘Suspended’ for the time being.
Sources & References
- Zimbabwe
- China sign $585 million in deals
- STAFF REPORT FOR THE 2012 ARTICLE IV CONSULTATION—DEBT SUSTAINABILITY ANALYSIS
- China and Brazil in Zimbabwe
- Reviving Zimbabwe's Agriculture: The Role of China and Brazil
- China-DAC Study Group
- Effective Support for Agricultural Development
- Links I Liked: Brazil & Zimbabwe
- An Analysis Of China - Zimbabwe Tobacco Trade
- Master 2 CIAHPD
- China's $700-million loan aims to revive Zimbabwean economy, 2019_Blue_Book_Combined (1)
- Chinese and Brazilian Cooperation with African Agriculture: The Case of Zimbabwe
- AN ASSESSMENT OF THE LOOK EAST POLICY IN ADRESSING ZIMBABWE ECONOMIC CRISIS: A CASE OF ZIMBABWE CHINA- RELATIONS, http://global.factiva.com/aa/?ref=AFNWS00020110324e73o000vw&pp=1&fcpil=en&napc=S&sa_from=, http://global.factiva.com/aa/?ref=AFPR000020110321e73l006pz&pp=1&fcpil=en&napc=S&sa_from=
- Zimbabwe 2011 ARTICLE IV CONSULTATION
- Govt
- China Sign U.S.$700 Million Deals 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.
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Government of Zimbabwe
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