Completed Development AidData Chinese Aid

CDB provides $16.7 million loan for Phase 1 of the Great Wall Project

$16.7M USD

Funder	China Development Bank (CDB)
Recipient Organization	Development Bank of Kenya (DBK)
Country	Kenya
Start Date	Jan 01, 2008
End Date	Oct 10, 2030
Duration	8,318 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`59034`

Grant Description

CDB provides $16.7 million loan for Phase 1 of the Great Wall Project In November 7, 2006, China Development Bank signed a framework agreement with the Government of Kenya to fund Phase 1 of the Great Wall Project.

Then, in 2007, China Development Bank provided a $16.7 million loan to the Development Bank of Kenya to fund the implementation of Phase 1 of the Great Wall Project.

The loan was provided on the following terms: 6-month LIBOR plus a margin of 0.8% (3.06% + 0.8% = 3.86%) and a 15-year maturity. The loan matures in 2022.

The project involved the construction of 528 low-cost apartments in Mavoko municipality of Machakos county, each of which was to be sold for about $50,000 USD to Kenyan consumers. The project was initiated on May 30, 2008, and it was completed in December 2009. Erdemann Property Ltd. and China Wu Yi Co., Ltd. were the contractors.

📋 Staff Comments

The Chinese name of this project is 肯尼亚中低收入住房试点项目.
In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it does not record the lending terms (interest rate or maturity) for this CDB loan. AidData records the terms of the CDB loan (6-month LIBOR plus a margin of 0.8% and a 15-year maturity) that are contained in the 2016 Financial Statements of Development Bank of Kenya Limited.

📚 Sources & References

THE FINANCIAL STATEMENTS OF DEVELOPMENT BANK OF KENYA LIMITED
The Dragon's Gift: The Real Story of China in Africa
CHINA WU YI CO. LTD V EDERMANN PROPERTY LTD & 2 OTHERS[2013]eKLR
China Development Bank helps Kenya's economic development
China Development Bank Social Responsibility Report 2009
China's first pilot project for low- and middle-income housing in Kenya starts
GREAT WALL APARTMENTS PHASE I
Chinese bank-financed housing project kicked off in Kenya
Development Bank of Kenya 2018 Annual Report
非洲投资价值调查：肯尼亚可投资房地产
New Housing Estates II
High Court drops injunction blocking the sale of houses
Photos: African cities are starting to look eerily like Chinese ones
THE AUDIT OR-GENERAL ON THE FINANCIAL ST A TEMENTS OF DEVELOPMENT BANK OF KENY A LIMITED FOR THE YEAR ENDED 31 DECEMBER 2016 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.