ZTE loans USD 7.407 million to Cell C for unspecified purposes

$7.41M USD

Funder	ZTE Corporation (formerly Zhongxing Telecommunication Equipment Corporation)
Recipient Organization	Cell C Limited South Africa
Country	South Africa
Start Date	Jan 01, 2016
End Date	Nov 12, 2027
Duration	4,333 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`58639`

Grant Description

ZTE loans USD 7.407 million to Cell C for unspecified purposes In 2016, Chinese telecommunications company ZTE loaned USD 7.407 million through bridge vendor financing to Cell C, a South African telecommunications company, for unspecified purposes.

The financing had an interest rate of six-month Libor + 3.5%(1.058% + 3.5%=4.558%) and a contractual interest rate of 6.4%, accrued monthly and settled biannually. As of May 31, 2019, the outstanding loan amount was USD 151,000. The loan is set to expire on October 13, 2021.

📚 Sources & References

Preliminary Unaudited Financial information for the year ended 31 December 2018
Tullow Oil facing a disappointing year 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.