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China Development Bank provides $1.5 billion loan to the Sudan National Petroleum Corporation for budget support
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Sudan National Petroleum Corporation (Sudapet) |
| Country | Sudan |
| Start Date | Dec 31, 2012 |
| End Date | Jun 06, 2031 |
| Duration | 6,731 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 30440 |
Grant Description
China Development Bank provides $1.5 billion loan to the Sudan National Petroleum Corporation for budget support On December 31, 2012, China Development Bank (CDB) signed a $1.5 billion loan agreement with Sudan National Petroleum Corporation (Sudapet).
China National Petroleum Corporation (CNPC) provided a guarantee for the loan.
The purpose of this loan was to help the Government of Sudan address its unmet budgetary needs and stabilize the Sudanese pound.
At the time that the loan agreement was signed, the Government of Sudan had seen a major slide in its currency after losing three quarters of its oil production when South Sudan seceded in 2011. The currency slide, in turn, fueled inflation and protests. Oil revenues had previously been the main revenue source for the government budget.
Oil revenues also provide the hard currency needed to buy basic food imports such as wheat and sugar.
Staff Comments
- This $1.5 billion loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.
- The Arabic name for CDB is بنك التنمية الصيني and for Sudapet it is المؤسسة السودانية للنفط.
Sources & References
- Sudan receives USD1.5-bil. loan from China
- Sudan receives $1.5 billion loan from China Development Bank
- China pledges to provide more loans to Sudan to overcome loss of oil revenue
- Sudan receives $ 1.5 bn loan from China Development Bank
- Sudan finance minister says 'huge' Chinese loan will stabilize economy as currency slides further
- Sudan receives $1.5 billion loan from China Development Bank, تاريخ المصادقة, تاريخ المصادقة
- Sudan Says Secures $1.5 Billion Loan From China As It Battles Currency Slide
- Vol 6 (AAC) No 4 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
Sudan National Petroleum Corporation (Sudapet)
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