China Development Bank provides $13,524,658 loan to State Grid Brazil Holding S.A.

Funder	China (People's Republic of)
Recipient Organization	Brazil
Country	Brazil
Start Date	Apr 08, 2014
End Date	Jul 11, 2029
Duration	5,573 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`60084`

Grant Description

China Development Bank loans $13,524,658 to State Grid Brazil Holding S.A.

On December 19, 2014, China Development Bank provided a $13,524,658 loan to State Grid Brazil Holding S.A. for its subsidiary Itumbiara Transmissora de Energia S.A. (ITE).

SGID is the subsidiary of State Grid Corporation of China (SGCC); it is therefore a state-owned Chinese company and operates in the areas of construction, engineering, and management of power grid projects.

According to page 5 of the report released by State Grid Corporation of China, the loan has an interest rate of LIBOR + 2.65% a.a. (Dec. 2014 6 month LIBOR average+2.65 = 2.993%) and is due on June 20, 2015 with payments of principal and interest on this date. 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.