China Eximbank provides RMB 43.9 million government concessional loan for the purchase of agricultural equipment and machinery (Linked to Record ID#39428)

China Eximbank provides RMB 43.9 million government concessional loan for the purchase of agricultural equipment and machinery On November 3, 2004, China Eximbank signed an RMB 43,946,175 government concessional loan (GCL) agreement [CHINA EXIMBANK GCL 2004 (04) 114A] with the Government of Bolivia for the purchase of agricultural equipment and machinery.

The GCL carries the following borrowing terms: an interest rate of 2%, a grace period of 9-years, and a maturity of 20-years.

The borrower was expected to use the proceeds of the loan to finance a commercial contract [No. 204AM420-016-YD02] between China National Construction and Agricultural Machinery Import and Export Corporation (CAMC) and Bolivia’s Ministry of Rural and Agricultural Affairs (Ministerio de Asuntos Campesinos y Agropecuarios, or MACA), which was signed on August 9, 2004.

In total, the lender made disbursements worth approximately $7,051,471. The borrower made no principal repayments between 2004 and 2013. However, it paid interest and/or fees worth an unknown amount between 2004 and 2012 and $144,833 in 2013.

Then, the borrower made loan repayments worth $758,212 in 2014 ($617,177 in principal and $141,035 in interest/fees), $736,133 in 2015 ($609,421 in principal and $126,712 in interest/fees), $691,678 in 2016 ($582,165 in principal and $109,513 in interest/fees), $663,571 in 2017 ($568,535 in principal and $95,036 in interest/fees), $667,654 in 2018 ($582,026 in principal and $85,628 in interest/fees), $627,552 in 2019 ($556,924 in principal and $70,628 in interest/fees), an unknown amount in 2020, $641,258 in 2021 ($590,411 in principal and $50,847 in interest/fees), $610,578 in 2022 ($572,726 in principal and $37,852 in interest/fees), and $565,117 in 2023 ($540,409 in principal and $24,708 in interest/fees).

The loan’s (principal) amount outstanding was $7,051,471 as of December 31, 2012, $7,249,212 as of December 31, 2013, $6,468,763 as of December 31, 2014, $5,593,738 as of December 31, 2015, $4,669,698 as of December 31, 2016, $4,387,378 as of December 31, 2017, $3,609,973 as of December 31, 2018, $3,009,800 as of December 31, 2019, $2,642,296 as of December 31, 2020, $2,098,060 as of December 31, 2021, $1,368,798 as of December 31, 2022, and $805,275 as of December 31, 2023.

The purpose of the project was to acquire tractors and agricultural implements. CAMC was the contractor responsible for project implementation. Its work was overseen by MACA. The project was ultimately completed; however, its precise implementation start and end dates are unknown.