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Chinese Government provides $3.4 million interest free loan for textile factory in Awassa
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Ethiopia |
| Country | Ethiopia |
| Start Date | Jan 01, 2001 |
| End Date | Jun 02, 2033 |
| Duration | 11,840 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 592 |
Grant Description
Chinese Government provides $3.4 million interest free loan for textile factory in Awassa In 2001, the China's ambassador to Ethiopia, Ai Ping, announced that the Chinese government had supplied an interest-free loan of 3.4 million USD to a textile factory in Awassa, the capital of the Southern National Nationalities Peoples' state, in support of its production expansion program.
Ethiopia's Awassa Textile Share Company is one of the largest textile mills in the country. The Awassa Textile factory is located in Awassa, the capital of the Southern National Nationalities Peoples' state.
Staff Comments
Some sources indicate that two different interest-free loans were provided in 2001: a $2.4 million loan and a $1 million loan. Also, as the Awassa Textile factory still operates today, this project has been status-coded as complete. Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20-years by default and grace period to 10-years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20-years, with a drawdown period of 5-years, grace period of 5-years, and repayment over 10-years. AidData treats the drawdown period as providing 5-years of additional grace.
Sources & References
- China Provides Loan to Ethiopian Textile Mill.
- Chinese Ambassador Hail China-Ethiopia Relations.
- China Provides Loan to Ethiopian Textile Mill
- An Overview of Chinese Agricultural and Rural Engagement in Ethiopia
- Awassa Textile Factory PLC
- THE DRAGON’S GIFT
- How China delivers development assistance to Africa 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 Ethiopia
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