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China pledges 2 billion KSH interest free loan to Kenya (Linked to Record ID#36051)
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Kenya |
| Country | Kenya |
| Start Date | May 20, 2014 |
| End Date | Jul 06, 2031 |
| Duration | 6,256 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 36052 |
Grant Description
China pledges 2 billion KSH interest free loan to Kenya On May 20, 2014, seventeen agreements worth billions of shillings were signed during Chinese Premier Li Keqiang's three-day visit to Kenya.
One of the deals is that China would offer Kenya an interest-free loan of Sh2 billion for unspecified cooperation projects.
Li Keqiang also announced a Sh860million (US 10 million dollars) financial support to wildlife conservation in the country and the continent (#36051). Previously, Kenya had received Sh1 billion as interest-free loans and Sh1.3 billion as grants under the same category.
It was still unclear what the intended loans would fund and the projects to be funded by the grants offered by the Chinese government.
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
- Kenya signs 17 multi-billion deals with China
- China Deals Balloon Kenya's Debt
- 外媒：李克强访非掀“中国旋风” 回击对华指责
- China rewards Kenya’s friendship with billions 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 Kenya
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