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China Eximbank restructures 2005 additional loan for Phase 1 of Les Mamelles Housing Project in 2011 (Linked to Record ID#13307, ID#55633)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Seychelles |
| Country | Seychelles |
| Start Date | Apr 18, 2011 |
| End Date | Sep 11, 2027 |
| Duration | 5,990 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 55557 |
Grant Description
On January 8, 2005, China Eximbank and the Government of Seychelles signed an RMB 8,305,000 government concessional loan (GCL) agreement [CHINA EXIMBANK GCL (2004) 11 (121)] for Phase 1 of Les Mamelles Housing Project.
The purpose of the project was to construct 203 housing units in the Les Mamelles administrative district, which is located in the south of the Greater Victoria area on Mahé, the main island of the archipelago.
Total disbursements through this loan amounted to RMB 8,213,615. However, due to economic difficulties, the Government of Seychelles had difficulty servicing this loan. Consequently, as of March 2011, principal and interest arrears (worth RMB 2,742,964.40) had accumulated.
Then, on April 18, 2011, China Eximbank and the Government of Seychelles signed an agreement [CHINA EXIMBANK GCL NO.11A (121) 2004] to reschedule the repayment terms of this loan.
The parties also agreed that repayments would be made in twenty, semi-annual installments between September 21, 2020 and March 13, 2030.
The agreement also stipulated that the borrower could defer payment of an unpaid commitment fee (worth RMB 42.65) and unpaid accrued interest (RMB 500,117.89) to the first repayment date (September 21, 2020).
This loan rescheduling, which went into legal force on March 11, 2014, was part of a larger debt restructuring agreement with China Eximbank (captured in Umbrella Record ID#13307).
Staff Comments
- The Chinese project title is 塞舌尔莱蒙斯住宅 or 援塞舌尔莱蒙斯住宅（二期）项目.
- The RMB 8,305,000 loan that China Eximbank issued in 2005 for Phase 1 of Les Mamelles Housing Project is not included in the database of Chinese loan commitments to African governments that SAIS-CARI released in 2020.
- The 2011 debt rescheduling agreement for the 2005 loan for that supported Phase 1 of the Les Mamelles Housing Project can be accessed in entirety via https://www.dropbox.com/scl/fi/7o7573dpzcxf61o24iqhb/2004-Les-Mamelles-Rescheduling-Agreement.pdf?rlkey=wqdchwmzyki0mzwc9wqhmeib7&e=14. Supplemental Agreement A can be accessed in its entirety via https://www.dropbox.com/s/btjbnpj08x1v0b9/2004%20Les%20Mamelles%20Rescheduling%20Agreement.pdf
Sources & References
- 2014 The Export-Import Bank of China Restructuring Debt
- Annual Report 2011 - Central Bank of Seychelles
- Bargaining with Beijing: A Tale of Two Borrowers
- ChinaLoansToAfrica©SAIS-CARI.csv
- Email correspondence between AidData and Seychelles Ministry of Finance
- Examining the Debt Implications of the Belt and Road Initiative from a Policy Perspective
- EXIM BANK OF CHINA DEBT STATUS AND RESTRUCTURING NEGOTIATIONS
- RE: Request for List of Loans from Chinese Government Institutions to Seychelles
- RE: Request for List of Loans from Chinese Government Institutions to Seychelles
- The Supplemental Agreement A Of The Additional Loan To The Development Of Les Mamelles Housing Project Phase 1 Under The Chinese Concessional Loan
- 中国公司帮塞舌尔建房
- 驻外机构 中国沈阳国际经济技术合作有限公司 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 Seychelles
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