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China Eximbank provides $24.9 million buyer’s credit loan for Lighting Sri Lanka Uva Province Project (Uva Udanaya)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Sri Lanka |
| Country | Sri Lanka |
| Start Date | Jul 19, 2011 |
| End Date | Oct 24, 2031 |
| Duration | 7,402 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 46972 |
Grant Description
China Eximbank provides $24.9 million buyer’s credit loan for Lighting Sri Lanka Uva Province Project (Uva Udanaya) On July 19, 2011, China Eximbank and the Government of Sri Lanka signed a $24,928,046.88 buyer’s credit loan (BCL) agreement [BLA201113] for the Lighting Sri Lanka Uva Province Project (Uva Udanaya).
China Eximbank disbursed an unknown amount in 2010, and unknown amount in 2011, $6,190,082.64 in 2012, $8,750,000 in 2013, $27,904.18 in 2014. The borrower made repayments worth $2,219,976 in 2018, $2,219,976 in 2019, $2,219,976 in 2020, and $2,219,976 in 2021.
The loan's amount outstanding was $14,429,846 as of December 31, 2017, $12,209,870 as of December 31, 2018, $9,989,894 as of December 31, 2019, $7,769,917 as of December 31, 2020, $5,549,941 as of December 31, 2021, and $4,439,952 as of June 30, 2022.
The purpose of this project was to procure materials required for the construction of 250 new substations, 625 km of new MV lines & 2250km new low voltage lines in Moneragala and Badulla districts within Uva Province.
China National Complete Plant Import & Export Corporation (COMPLANT) was the contractor responsible for project implementation.
According to the Government of Sri Lanka’s External Resources Department (ERD), the project was completed on July 19, 2013. However, it has encountered debt repayment problems.
On April 12, 2022, the Government of Sri Lanka announced a ‘pre-emptive’ sovereign debt default, noting that it would suspend debt repayments to all external creditors other than multilateral institutions.
Its decision to suspend external debt service reportedly affected all China Eximbank loans with amounts outstanding at the time of the announcement.
Staff Comments
- This project is also known as the Lighting Uva Province Project.
- 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 Government of Sri Lanka loan key number is 2011014.
Sources & References
- Performance Report 2011
- Public Investment supported by Export Credit
- Global Partnership
- Press Briefing of Cabinet Decisions
- Lighting Sri Lanka Uva Province Project
- Chinese credit facility for Uva Udanaya Project
- A Forward March towards an Energy Empowered Nation Case Study in Sri Lanka
- The Export-Import Bank of China
- Public Investment supported by Export Credit
- Resource Mobilization
- Lighting Sri Lanka
- CS-DRMS Report 814
- Disbursements in 2014 January to December.pdf, 814 Disbursements Jan to Dec 2015
- Disbursement from January to December 2016.pdf, 814-1 Annual 2017 for WEB New.pdf
- Transactions For the period from to 2019/01/01 2019/12/31, 814 up to Oct 2018.PDF
- Transactions For the period from to 2020/01/01 2020/12/31
- Transactions For the period from to 2021/01/01 2021/11/30
- Actual Disbursement by Transaction Date
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2018
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2019
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2021
- Instrument-wise Details of Central Government External Debt obtained under Foreign Law as at 2022/06/30
- MID – YEAR FISCAL POSITION REPORT 2013, 2015 Annual Report Ministry of Finance Sri Lanka
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31 ST DECEMBER 2020
- ON THE ROAD TO ACHIEVING FULL ELECTRIFICATION IN SRI LANKA 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 Sri Lanka
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