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China Development Bank provides $300 million loan to Oi to purchase Huawei equipment
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Oi (Telemar) |
| Country | Brazil |
| Start Date | Feb 01, 2009 |
| End Date | Jun 29, 2027 |
| Duration | 6,722 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 38142 |
Grant Description
China Development Bank provides $300 million loan to Oi to purchase Huawei equipment In February 2009, Brazilian telecommunications company Oi (formerly Telemar Norte Leste SA) signed a $300 million loan agreement with China Development Bank (CDB) to purchase Huawei equipment.
Interest was payable semi-annually in arrears through maturity in February 2016.
The outstanding principal amount of these loans was payable in 11 equal semi-annual installments commencing in April 2011 and terminating upon maturity in February 2016. In 2009, CDB disbursed $227 million and in 2010 it disbursed $52 million through this loan. On December 31, 2012, the (principal) amount outstanding under the loan agreement was $191 million.
The purpose of this loan was to improve broadband services, support capital expenditures, upgrade telecommunications infrastructure, and improve mobile operations by purchasing telecommunications equipment from Huawei. money will be allocated to fixed line and broadband services and mobile operations.
Staff Comments
1. 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.
Sources & References
- Borrowing from China Development Bank: US$300 million
- Oi Discussing ‘Very Cheap’ Funding With Bank of China (Update2)
- Oi (Telemar) secures USD300m Chinese loan
- The New Banks in Town: Chinese Finance in Latin America
- Emerging Markets
- Telemar secures China Development Bank loan
- 巴西：巴西Oi公司将获中国国家开发银行的贷款
- Brazil’s Oi granted loan by China Development Bank 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
Oi (Telemar)
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