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CNMC Industrial Zone Development provides $11.1 million loan for Power Transmission Line to Chambishi Park Project
| Funder | CNMC Industrial Zone Development Zambia Limited |
|---|---|
| Recipient Organization | Zambia Electricity Supply Corp. (ZESCO) |
| Country | Zambia |
| Start Date | Jan 01, 2009 |
| End Date | Feb 07, 2033 |
| Duration | 8,803 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 57617 |
Grant Description
CNMC Industrial Zone Development provides $11.1 million loan for Power Transmission Line to Chambishi Park Project In 2009, CNMC Industrial Zone Development (a subsidiary of state-owned China Nonferrous Metal Mining (Group) Co., Ltd) provided a $11.1 million loan to ZESCO Limited (Zambia’s state-owned power company) for a power transmission line to Chambishi Park.
As of December 31, 2017, the loan's amount outstanding was $4.4 million.
Chambishi Park is part of the Zambia-China Economic & Trade Cooperation Zone (ZCCZ), which is the first Chinese special economic zone established in Africa.
As of the end of 2011, 17 companies had settled in the ZCCZ with a total output value of $4.35 billion which surpasses the original investment of $900 million USD.
It is located in the central part of the Zambia Copper Belt Province, 360 km from Lusaka, the capital of Zambia, and 70 km from Ndola, the second largest city in Zambia.
Staff Comments
- This loan is omitted from the SAIS-CARI database of Chinese loan commitments released in 2020 and re-released in 2021.
- The loan is assumed to not have a grace period because the loan's immediately disbursed and paid back at the second loan period. The loan is also to not have a default penalty because it does not have an interest rate.
Sources & References
- Zambian Ministerial Seminar Delegation Visited CNMC
- CNMC: Replicating the Success of Development Zone in China to Achieve Common Development in Zambia-China Cooperation Zone
- CEC AND ZESCO DIRECTED TO RESOLVE DISPUTE BY ARBITRATION
- ZESCO LIMITED REPORT AND FINANCIAL STATEMENTS
- ZESCO Integrated Report 2017 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
Zambia Electricity Supply Corp. (ZESCO)
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