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Chinese Government provides interest-free loan for purchase of two MA60 aircraft
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Cambodia |
| Country | Cambodia |
| Start Date | Feb 18, 2012 |
| End Date | Oct 03, 2029 |
| Duration | 6,437 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 33072 |
Grant Description
Chinese Government provides interest-free loan for purchase of two MA60 aircraft On February 18, 2012, the Chinese Ambassador to Cambodia Pan Guangxue and Cambodia’s Deputy Prime Minister and Minister of Finance and Economics Ji Chun signed the exchange of notes regarding the purchase of two Xian MA60 Aircraft.
According to the agreement, the Cambodian Government would use an interest-free loan from the Chinese Government for the purchase of two Xian Modern Ark 60 (MA60) short-distance turboprop passenger planes from the Chinese state-owned company, Xi'an Aircraft Industrial Corporation (XAC). This is the first time that Xian MA60 aircraft have been exported to Cambodia.
The first airplane was handed over by XAC to the Royal Airforce of Cambodia on June 13, 2012, where at the Peace Palace, the Certificate of Delivery and Receipt of 2 units of MA 60 aircraft was signed by Lt. Gen.
Chau Phirun, Director General of the General Department of Materials and Techniques of Cambodian Ministry of National Defense and H.E. Chen Jian, Vice Minister of Commerce of China. The second airplane was handed over on July 27, 2012.
It is reported that the second MA60 aircraft will be used as a special plane for the Prime Minister of the Kingdom of Cambodia. The planes were eventually given to Cambodia's Bayon Airlines for commercial operation.
Staff Comments
- The Chinese project title is 新舟60飞机.
- Around the time that the loan was contracted, the cost of a single MA60 was approximately $11 million. Therefore, in the absence of the actual face value of the loan, AidData imputes a face value of $22 million.
- Since the borrowing terms of the interest-free loan are unavailable, AidData has set maturity to 20-years by default and the 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 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
- 中柬两国签署2012年经济技术合作协定和购买新舟60飞机的立项换文
- 中国首次向柬埔寨空军交付新舟60飞机
- 西飞国际向柬埔寨皇家空军交付第二架新舟60
- 新舟60首次出口柬埔寨
- Cambodia takes $430m China loan
- China’s First Overseas Airlines Operating Domestic Aircraft Was Established in Cambodia.
- 中柬签署7项经贸合作协议
- MA60 Makes Its First Export to Cambodia
- 中国东盟观察China-Asean Watch 2012/04
- Royal Cambodian Air Force (RCAiF)
- 我国首次向柬埔寨空军交付新舟60飞机
- 新舟60在柬埔寨完成验证飞行 起降平稳噪音小
- Laotian customers loyal to the MA60 turboprop 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 Cambodia
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