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China Development Bank provides $135 million loan to Econet Wireless Zimbabwe for telecommunication network expansion and refinancing purposes
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Econet Wireless Zimbabwe Limited |
| Country | Zimbabwe |
| Start Date | May 11, 2012 |
| End Date | Jan 26, 2033 |
| Duration | 7,565 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 62602 |
Grant Description
China Development Bank provides $135 million loan to Econet Wireless Zimbabwe for telecommunication network expansion and refinancing purposes On 11 May, 2012, China Development Bank provided an $135 million loan to Econet Wireless Zimbabwe for for telecommunication network expansion and refinancing purposes.
This loan carried an effective interest rate of 6.4%. It was guaranteed by Econet Global Limited (EGL).
The projected date of last payment was 12 April, 2017; therefore, making the estimated maturity length of the loan 5-years.
This loan is part of a larger, $362 million loan facility to the Econet Wireless Group that was arranged by AfriEximbank, with the participation of development and financial institutions from Germany (Deutsche Investitions-und Entwicklungsgesellschaft mbH [DEG]), France (Societe De Promotion Et De Participation Pour La Cooperation Economique (PROPARCO), China (China Development Bank Corporation [CDB]), the Netherlands (Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. [FMO]), South Africa (Industrial Development Corporation of South Africa [IDC]), and Sweden (Exportkreditnämnden [EKN]).
As of 2017 and 2018, under interest paying debt on the financial statement, the loan for 135 million had not been paid off yet.
On the 2019 financial statements, the loan was no longer under interest paying debt, meaning that it had been paid off in 2019.
Sources & References
- Econet Wireless Zimbabwe Report
- CIRCULAR TO SHAREHOLDERS OF ECONET WIRELESS ZIMBABWE LIMITED
- Integrated Annual Report
- Econet adds $300m to debt stock
- Econet Global gets $500mln Chinese loan facility, 2018 Annual report, 2019 Annual report 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
Econet Wireless Zimbabwe Limited
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