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China Eximbank provides 5-year grace period extension on RMB 291 million loan for Phase 3 of the National Road Improvement Project (Linked to Record ID#39199)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of the Kingdom of Tonga |
| Country | Tonga |
| Start Date | Sep 01, 2013 |
| End Date | Dec 27, 2029 |
| Duration | 5,961 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 64929 |
Grant Description
On January 22, 2010, China Eximbank and the Government of Tonga signed an RMB 291 million (or TOP 94 million or $44.2 million) government concessional loan (GCL) agreement for Phase 3 of the National Road Improvement Project (as captured via Record ID#39199).
Then, in September 2013, China Eximbank and the Government of Tonga signed a debt rescheduling agreement (as captured via Record ID#64929), 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 March 21, 2020 and March 21, 2030. The Government of Tonga began repayment of the loan in March 2020.
Sources & References
- China’s Foreign Aid: Current Status and Future Challenges
- Government of Tonga Annual Public Debt Bulletin
- Tonga: Debt Sustainability Analysis; IMF Country Report 15/107 1 / 19
- Microsoft Word - draft-APDB_June 2014_updated.docx
- Chinese Concessional Loans Part 2 — Pacific Indebtedness
- Tonga’s Repayment Of $64.5 Million Loan To China Deferred
- More Chinese loans to Pacific islands but no debt forgiveness
- Budget Statement 2015/2016
- Budget Statement 2017-18_eng.pdf
- Government of Tonga Budget Statement 2021-2022
- Tonga asks China to restructure heavy debt load
- Asia-Pacific Countries Participating in the Debt Service Suspension Initiative
- Government of Tonga Budget Statement 2022-2023
- Budget Statement 2019/20 Tonga
- BUDGET STATEMENT 2020/2021 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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