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Chinese Government provides RMB 60 million interest-free loan for rural road upgrades and acquisition of equipment for rural district councils
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Zimbabwe |
| Country | Zimbabwe |
| Start Date | Feb 22, 2013 |
| End Date | Nov 27, 2026 |
| Duration | 5,026 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 30648 |
Grant Description
Chinese Government provides RMB 60 million interest-free loan for rural road upgrades and acquisition of equipment for rural district councils On 22 February, 2013, visiting Chinese Commerce Minister, Chen Deming, signed an agreement formally committing the China Ministry of Commerce's provision of a 60 million RMB (~$10 million USD) interest-free loan to the Zimbabwean Government for the purpose of purchasing road equipment for rural district councils.
The current state of this project is unknown.
This was one of four agreements signed on this day with the Zimbabwean Government in a move to further cement bilateral relations. The other three agreements include: Record ID#30650: A $2 million grant for agricultural equipment. Record ID#30639: A RMB 31.5 million grant to Zimbabwe Broadcasting Corporation for the provision of a broadcasting van.
Record ID#30649: A pledge for a food aid donation.
Staff Comments
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
- Visiting Chinese commerce minister signs agreements with Zimbabwe
- China to Increase Investment in Zim
- Visiting Chinese commerce minister signs agreements with Zimbabwe
- Zimbabwe
- China Sign Cooperation Accord
- The then Chinese Minister of Commerce Chen Deming visited Zimbabwe on February 21 -24, 2013
- Chinese Loans to Africa Database 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 Zimbabwe
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