Active Development AidData Chinese Aid

China Eximbank provides RMB 37.4 million government concessional loan for Procurement of Power Line Materials Project

¥37.47M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Kenya
Country	Kenya
Start Date	Dec 24, 2007
End Date	Jan 10, 2028
Duration	7,322 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`58344`

Grant Description

China Eximbank provides RMB 37.4 million government concessional loan for Procurement of Power Line Materials Project On December 24, 2007, China Eximbank signed an RMB 38,980,000 government concessional loan (GCL) agreement [CHINA EXIMBANK NO GCL 214] with the Government of Kenya for the Procurement of Power Line Materials Project.

The face value of the loan was subsequently revised to RMB 37,472,202.35.

📋 Loan / Grant Terms

💰 Loan Amountwas provided with the following borrowing terms: a 2% interest rate

📅 Maturity20.25 years

⏳ Grace Period7.75 years

💹 Interest Rate2%

It was scheduled for repayment in semi-annual installments from September 21, 2015 to March 21, 2028.

The Government of Kenya, in turn, on-lent the vast majority of the proceeds of the loan (RMB 35,091,106) to a Kenyan a state-owned enterprise called Kenya Power and Light Corporation (KPLC).

The ultimate borrower (KPLC) was expected to use the loan proceeds to finance a commercial contract with Hexing Electric Co., Ltd. (HECL).

📋 Loan / Grant Terms

💰 Loan Amountfrom the Kenyan Government to KPLC carried a 2

📅 Maturity20 years

💹 Interest Rate2.5%

The borrower made principal repayments worth RMB 1,498,888 between July 1, 2020 and June 30, 2021 and RMB 2,997,776.09 between July 1, 2021 and June 30, 2022.

The loan’s amount outstanding was RMB 23,982,209.50 as of June 30, 2020, RMB 20,984,433.31 as of June 30, 2021, and RMB 17,986,657.13 as of June 30, 2022. The purpose of the project was to acquire and install 400,600 electronic meters and other power line materials. Hexing Electric Co., Ltd. (HECL) was the contractor responsible for project implementation.

In 2008, after KPLC signed a KES 230 million commercial contract with Hexing Electric Co., Ltd. (HECL) for the acquisition of electronic meters, 150,000 meters were delivered. The remaining meters were originally expected to be delivered by June 2009. However, the precise commencement and completion dates of the Procurement of Power Line Materials Project are unknown.

📋 Staff Comments

The Chinese project title is 出口肯尼亚电力公司智能电表项目.
The loan identification number in the Government of Kenya’s public debt register is 2007018.
The amounts outstanding and repayments data are drawn from the Kenyan Treasury’s External Public Debt Register. See https://www.dropbox.com/s/549ixt2gj1jbjvi/External-Public-Debt-Register-as-at-End-June-2022.pdf?dl=0 and https://www.dropbox.com/s/0et4jg1qfg1bo7r/External-Public-Debt-Register-as-at-End-June-2021.pdf?dl=0 and https://www.dropbox.com/s/233j706743q7f1g/External-Public-Debt-Register-as-at-End-June-2020.pdf?dl=0 and https://www.dropbox.com/s/qkoybr9ja0ohemy/External-Public-Debt-Register-as-at-End-June-2009.pdf?dl=0 and https://www.dropbox.com/s/thy3s6ggjcjd97z/External-Public-Debt-Register-as-at-End-June-2012.pdf?dl=0 and https://www.dropbox.com/s/fzbfq01vas6m0i9/External-Public-Debt-Register-as-at-End-June-2019.pdf?dl=0 and https://www.dropbox.com/s/ennrl6d4zd2nizs/External-Public-Debt-Register-as-at-End-June-2018.pdf?dl=0 and https://www.dropbox.com/s/8ibazrj1a8oho2d/External-Public-Debt-Register-as-at-End-June-2017.pdf?dl=0 and https://www.dropbox.com/s/wdbjl0wq49i09x1/External-Public-Debt-Register-as-at-End-June-2015.pdf?dl=0

📚 Sources & References

KPLC Annual Report 2008
KPLC Annual Report 2009
External Public Debt Register 2012
唱响肯尼亚合作之旅
The National Treasury Public Debt Management Office Summary Statement 2021/2022
SUMMARY STATEMENT OF PUBLIC DEBT FOR 2020/2021FY IN FOREIGN CURRENCY 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 Kenya

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