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China provides $4.9 million interest free loan for economic development projects to Ethiopia
| Funder | China Ministry of Commerce |
|---|---|
| Recipient Organization | Government of Ethiopia |
| Country | Ethiopia |
| Start Date | Aug 12, 2005 |
| End Date | Feb 24, 2032 |
| Duration | 9,692 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 653 |
Grant Description
China provides $4.9 million interest free loan for economic development projects to Ethiopia On August 12, 2005, the governments of China and Ethiopia signed an a $4.9 million interest-free loan agreement at the Ministry of Finance and Economic Development in Ethiopia. The loan will be used to finance projects geared towards ensuring sustainable economic development.
The status of these projects is uncertain.
This loan may be part of a sum $2 billion of Chinese assistance to Ethiopia from 2002-2007, which was given in exchange for oil drilling rights.
Staff Comments
Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20-years by default and grace period to 10-years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20-years, with a drawdown period of 5-years, grace period of 5-years, and repayment over 10-years. AidData treats the drawdown period as providing 5-years of additional grace.
Sources & References
- Ethiopia
- China sign 42.9m US dollar loan agreement
- Ethiopia
- China Sign 4.9 Mln USD Loan Accord, http://global.factiva.com/aa/?ref=BBCAP00020050812e18c002gx&pp=1&fcpil=en&napc=S&sa_from= 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 Ethiopia
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