China EximBank loaned US$566 million for agricultural equipment, medical equipment and supplies, and rehabilitation of water and sewage treatment plants (linked to Record ID#s #22041, #22062 and #22055)

China EximBank loaned US$566 million for agricultural equipment, medical equipment and supplies, and rehabilitation of water and sewage treatment plants On March 21, 2011, the government of Zimbabwe contracted loans from the China Eximbank amounting to US$566 million for agricultural equipment, medical equipment and supplies, and rehabilitation of water and sewage treatment plants.

The terms of these loans are: i) interest rate of 3.507% (calculated by summing the 6 month average LIBOR rate from 2011, .507%, plus a 3% margin: 0.507% + 3% = 3.507%); ii) down payment of 10 percent; iii) management fee of 0.375%; and iv) commitment fee of 0.375%.

The projects signed under this agreement are: Record ID#22041: China Eximbank loaned $334.7 million USD in Export Buyer's Credits to Zimbabwe for the procurement of tractors and mechanization programs in Zimbabwean agricultural sectors. Record ID#22062: China Eximbank provided a $99.5 million concessional loan to Zimbabwe for the procurement of medicine.

And Record ID#22055: China Eximbank loaned $141.3 million USD for the development and rehabilitation of water works and sewers in the Zimbabwean capital, Harare.