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China Eximbank provides first, 5-year grace period extension on RMB 440 million loan for Nuku'alofa Central Business District (CBD) Reconstruction Project (Linked to Record ID#37646, #73428)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of the Kingdom of Tonga |
| Country | Tonga |
| Start Date | Jan 01, 2013 |
| End Date | May 05, 2027 |
| Duration | 5,237 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 64926 |
Grant Description
On November 19, 2007, China Eximbank and the Government of Tonga signed an RMB 440 million (or TOP 118 million) government concessional loan (GCL) agreement for the Nuku'alofa Central Business District (CBD) Reconstruction Project (as recorded in Record ID#37646).
Then, in September 2013, China Eximbank and the Government of Tonga signed a debt rescheduling agreement (captured via Record ID#64926), which amended the original borrowing terms by extending the grace period from 5-years to 10-years. All other borrowing terms (maturity, interest rate, and fees) were left untouched.
The loan was thus rescheduled for semi-annual repayment between September 21, 2018 and September 21, 2028.
Then, in November 2018, China Eximbank and the Government of Tonga signed a debt rescheduling agreement (captured via Record ID#73248), which amended the original borrowing terms by extending the grace period from 5-years to 15-years. All other borrowing terms (maturity, interest rate, and fees) were left untouched.
The loan was thus rescheduled for semi-annual repayment between September 21, 2023 and September 21, 2028.
Sources & References
- Chinese Concessional Loans Part 2 — Pacific Indebtedness
- China’s Foreign Aid: Current Status and Future Challenges
- Tonga: Debt Sustainability Analysis; IMF Country Report 15/107 1 / 19
- Budget Statement English 2019-20_0.pdf
- Budget Statement 2017-18_eng.pdf
- Government of Tonga Annual Public Debt Bulletin
- China defers repayment of Tonga's multi-million loan
- More Chinese loans to Pacific islands but no debt forgiveness
- Budget Statement 2015/2016
- Tonga’s Repayment Of $64.5 Million Loan To China Deferred 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 the Kingdom of Tonga
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