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China Eximbank offers Philippines a $6 billion concessional loan for infrastructure projects
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of the Philippines |
| Country | Philippines |
| Start Date | Sep 01, 2006 |
| End Date | Dec 19, 2032 |
| Duration | 9,606 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 34909 |
Grant Description
China Eximbank offers Philippines a $6 billion concessional loan for infrastructure projects In August 2006, the Export-Import Bank of China (EXIM Bank of China) proposed to release $2 billion per year over the next three years in a series of concessional loans to the Philippines for a total of $6 billion.
The loans were to be payable in 20-years with 3% interest on the dollar, and 5-years’ grace period. They were to be used mainly for infrastructure projects. In 2007, a $2 billion loan was offered by the EXIM Bank of China for infrastructure projects. According to a Manila Times report published on June 29, 2008, half of the loan has been disbursed.
The status of the loan after that is unknown.
Sources & References
- China
- Japan to extend $ 8-B ODA - Socioeconomic Planning Secretary Romulo L. Neri said China and Japan combined is extending $8 billion in concessional loans to fund government infrastructure and other social services projects.
- China's Foreign Aid Activities in Africa
- Latin America, and Southeast Asia
- Export Finance Activities By The Chinese Government 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 the Philippines
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