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[China Co-financing Fund] IDB administers $50 million loan from CHC to Government of Suriname for Financial Sector Strengthening II Project
| Funder | People's Bank of China (PBC) |
|---|---|
| Recipient Organization | Government of Suriname |
| Country | Suriname |
| Start Date | Jul 09, 2013 |
| End Date | Nov 15, 2026 |
| Duration | 4,877 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 36779 |
Grant Description
[China Co-financing Fund] IDB administers $50 million loan from CHC to Government of Suriname for Financial Sector Strengthening II Project On July 9, 2013, the Inter-American Development Bank (IDB) signed two loan contracts with the Government of Suriname to finance the Financial Sector Strengthening II Project.
The IDB provided $50 million from its ordinary capital (Loan 2947/OC-SU), and the People's Bank of China provided $50 million (Loan 2948/CH-SU) through its IDB-administered China Co-Financing Fund for Latin America and the Caribbean (CHC). The proceeds from these two loans were used by the borrower to finance the total $100 million cost of the project.
The IDB approval date for these two loans was June 19, 2013.
The overall objectives of the Financial Sector Strengthening II Project were: (i) to improve the effectiveness of financial institutions and markets in providing credit and other financial services to firms and households; and (ii) to reduce their vulnerability to macroeconomic shocks.
The specific objectives were: (i) the enhancement of the enabling environment in which financial markets and institutions operate, both public and private; and (ii) the strengthening of Central Bank capabilities to execute its core responsibilities. The project was funded through a Programmatic Policy-Based Loan and executed by the Central Bank of Suriname (CBvS).
The IDB lists the project status as ‘Closed’.
Staff Comments
- The Project ID number is SU-L1034.
- The IDB lending spread in Semester 2 of 2013 was 0.84%. The IDB lending spread data are drawn from https://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=EZSHARE-1436601171-376.3.For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- The IDB-administered CHC loan contract can be accessed in its entirety via https://www.dropbox.com/scl/fi/rix7hw5wviw7nq9pf5ces/Loan-Contract-China-Co-financing-Fund-Financial-Sector-Strengthening-Program-II-38019864-1.PDF?rlkey=b5awxei9n6h2qwrrno7f0js2g&st=fhldyn3b&dl=0.
- The CBvS was the executing agency of the loan, but it shared supervisory responsibility with the Ministry of Finance (MoF) as it was the Borrower and signatory of the loan contract.
Sources & References
- $$$ from IDB & China.(SURINAME)
- China Pledges $2B To Fund Developments In Latin America
- Country Program Evaluation: Suriname 2011-2015
- FINANCIAL SECTOR STRENGTHENING PROGRAM II “FSSP II”
- I. BASIC PROJECT DATA
- IDB finances the strengthening of Suriname’s financial sector
- LOAN CONTRACT No. 2947/OC-SU
- LOAN CONTRACT No. 2948/CH-SU
- SU-L 1034 - Financial Sector Strengthening Program II
- SU-L1034 : Financial Sector Strengthening II
- 苏里南金融部门获1亿美元贷款 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 Suriname
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