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[China Co-Financing Fund] IDB administers $8.1 million loan from CHC to Government of Jamaica for Public Sector Efficiency Program
| Funder | People's Bank of China (PBC) |
|---|---|
| Recipient Organization | Government of Jamaica |
| Country | Jamaica |
| Start Date | Feb 18, 2014 |
| End Date | Sep 23, 2027 |
| Duration | 4,965 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 57054 |
Grant Description
[China Co-Financing Fund] IDB administers $8.1 million loan from CHC to Government of Jamaica for Public Sector Efficiency Program On February 18, 2014, the Inter-American Development Bank (IDB) signed a loan contract with the Government of Jamaica to finance the Public Sector Efficiency Program, through which the IDB would provide $14 million from its ordinary capital (Loan 3122/OC-JA), and the People's Bank of China would provide $11 million (Loan 3122/CH-JA) via the China Co-Financing Fund for Latin America and the Caribbean (CHC).
The $25 million administered by the IDB would cover the total cost of the project.
The borrower was responsible for paying a LIBOR-based interest rate plus the applicable lending spread for the IDB’s ordinary capital loans. The IDB lending spread on Semester 1, 2014 was 0.85% with a 0.25% credit fee.
The first scheduled date of loan repayment was January 21, 2022 and the final date of scheduled loan repayment was February 15, 2039.
After the loan was contracted on February 18, 2014, the face value of the CHC loan was amended from $11 million to to $8,127,748.64. As of December 31, 2018, the loan had achieved a 43.5% disbursement rate ($3,536,316.10 out of $8,127,748.64). As of October 30, 2021, the loan had achieved a 67.5% disbursement rate ($5,492,837.80 out of $8,127,748.64).
The loan’s outstanding amount was $4,806,204.47 as of October 30, 2021.
The purpose of this project is to support the development and delivery of integrated public services which meet the needs of customers, and strengthen the link between planning, budgeting and performance management through the introduction of a framework for integrated Results Based Management (RBM).
The executing agency for the project was the Public Sector Modernization Division (PSMD) of the Office of the Cabinet.
Staff Comments
- This project is also known as the Government of Jamaica’s Public Sector Modernisation Program II.
- The China Co-Financing Fund was established on January 14, 2013 with a contribution of $2 billion by the People's Bank of China, and it is administered by the IDB. For more information, see umbrella Project ID#86526.
- The CHC loan for the Public Sector Efficiency Program can be accessed in its entirety via https://www.dropbox.com/s/001p6j8ve3zoy3t/2056220512-218.pdf?dl=04. The IDB lending spread data are drawn from https://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=EZSHARE-1436601171-376.
- 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
- 2016-2017 Jamaica Budget, 2018-2019 Jamaica Budget
- Correspondence between AidData and Jamaican Ministry of Finance and Public Service
- Correspondence between AidData Executive Director and Jamaica MOF representative
- JA-L1046 : Public Sector Efficiency Program
- LOAN CONTRACT No. 3122 / CH - JA
- Status of Loans from China, 10/31/2021
- Status of Loans from China, 12/31/2018 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.
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Government of Jamaica
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