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CDB provides $40 million loan to National Bank of Costa Rica to support infrastructure and social development projects (Linked to Record ID#35549)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Banco Nacional de Costa Rica (BNCR) |
| Country | Costa Rica |
| Start Date | Nov 17, 2008 |
| End Date | Mar 16, 2026 |
| Duration | 6,328 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 40725 |
Grant Description
CDB provides $40 million loan to National Bank of Costa Rica to support infrastructure and social development projects On November 17, 2008, China Development Bank (CDB) and the National Bank of Costa Rica -- a state-owned bank in Costa Rica -- signed a $40 million facility agreement.
The proceeds of the loan were to be used by the borrower to support infrastructure and social development projects in Costa Rica.
The borrower was responsible for making 9, equal semiannual repayments. Revenue from financial assets was collected in a collateral pledge account, out of which debt service was paid.
Staff Comments
- The CDB facility (loan) agreement can be accessed in its entirety via https://www.dropbox.com/s/cemcy1xv0jstun9/2008%20CDB%20Loan%20Agreement%20with%20Costa%20Rica.pdf?dl=0.
- The CDB loan agreement specifies that '[a]t any time after the first repayment date, CDB shall have the right to request the borrower in writing, and the Borrower shall have the obligation […] to (i) enter into the Pledge Agreement with CDB and the Collateral Service Agent [which is Clearstream Banking in Luxemburg] and (ii) deposit into the Pledged Account Collateral [defined as any securities eligible for deposit in the Collateral Service Agent’s system] with an aggregate current value determined by [Clearstream Banking] to be no less than the amount of the Loans then outstanding.' Afterwards the borrower has to ensure that the pledged account always contains collateral with a value not less than the outstanding amount until the final maturity date.
- This CDB loan is not captured in the China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center.
- 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
- China y Costa Rica firman acuerdos por USD 50 millones
- Chinese president leaves gifts behind in whirlwind tour of Costa Rica
- Development Finance Agreement, https://global.factiva.com/ga/default.aspx
- US$40,000,000 FACILITY AGREEMENT between NATIONAL BANK OF COSTA RICA as Borrower and CHINA DEVELOPMENT BANK as Lende
- 哥斯达黎加 （2018年版） 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
Banco Nacional de Costa Rica (BNCR)
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