Loading grant details…
China Eximbank reschedules outstanding debts of Government of Chad through maturity extensions (Linked to Record ID#397, #398, #72356)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Chad |
| Country | Chad |
| Start Date | Apr 01, 2017 |
| End Date | Jan 20, 2032 |
| Duration | 5,407 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 55744 |
Grant Description
In 2007, China Eximbank and Sociètè Nationale de Ciment (SONACIM Tchad) — a state-owned company in Chad — signed an RMB 700 million loan for the Baoré Cement Factory Project.
In the same year, China Eximbank and the Government of Chad signed a $25.06 million loan for the CDMA 2000 (Fixed Wireless Telephony) Project.
Then, in May 2011, China Eximbank and Société de Raffinage de N'Djaména (SRN) SA — a Sino-Chadian joint venture — signed a $330 million preferential buyer’s credit (PBC) for the Rônier Oil Refinery And Pipeline Project (or N'Djamena Refinery and Pipeline Project).
After a sharp decline in oil prices in 2014-2015, Chad experienced an economic recession and a debt crisis and its government sought to renegotiate the borrowing terms of these three loans with China Eximbank.
A rescheduling deal was finalized in April 2017: China Eximbank agreed to the lengthen the maturities of these three loans and reschedule arrears that had accumulated (as captured via Record ID#55744).
It appears that China Eximbank did not require the accumulated arrears to be repaid before rescheduling the maturities of the loans.
Staff Comments
1. The lengths of the maturity extensions are unknown. This issue warrants further investigation.
Sources & References
- Chad : Request for a Three-Year Arrangement Under the Extended Credit Facility and Cancellation of the Current Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Chad
- Debt Relief with Chinese Characteristics
- Debt Relief with Chinese Characteristics
- 乍得炼厂优惠出口买方信贷 案例分析和启示
- Recherche collaborative du Consortium pour la Recherche Economique en Afrique (CREA) sur les Relations entre la Chine et l'Afrique Subsaharienne: Cas du Tchad
- CHAD FIRST REVIEW UNDER THE EXTENDED CREDIT FACILITY ARRANGEMENT
- REQUEST FOR A WAIVER OF NONOBSERVANCE OF PERFORMANCE CRITERIA
- REPHASING OF DISBURSEMENTS
- AND FINANCING ASSURANCES REVIEW—DEBT SUSTAINABILITY ANALYSIS
- TCHAD DEMANDES DE DECAISSEMENT AU TITRE DE LA FACILITE DE CREDIT RAPIDE
- DE PROROGATION DE L’ACCORD AU TITRE DE LA FACILITE ELARGIE DE CREDIT
- ET DE REECHELONNEMENT DE L’ACCES — 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 Chad
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
