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China National Complete Engineering Corporation pledges $500 million USD loan to Ukraine for construction of affordable housing in Kyiv
| Funder | China National Chemical Engineering Corporation (CNCEC) |
|---|---|
| Recipient Organization | State Mortgage Institution of Ukraine |
| Country | Ukraine |
| Start Date | Jan 01, 2018 |
| End Date | Apr 17, 2026 |
| Duration | 3,028 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 66196 |
Grant Description
China National Complete Engineering Corporation pledges $500 million USD loan to Ukraine for construction of affordable housing in Kyiv In January 2018, China National Complete Engineering Corporation (中国成套工程有限公司) pledged that it would provide Ukraine with a loan worth $500 million USD for the construction of leased housing in Kyiv.
The agreement was signed by CNCEC and the National Mortgage Bureau of Ukraine. The Ukrainian government is expected to issue a sovereign guarantee for the project. Construction of affordable housing in Kyiv was first proposed in 2013 by Ukrainian Prime Minister Mykola Azarov .
Discussions with Chinese institutions then commenced, and the project cooperation framework was signed between China National Complete Engineering Corporation and Ukrainian State Mortgage Agency in October 2016.
As of 2018, CNCEC was still working with the Ukrainian Ministry of Trade and Finance and the Ukrainian State Mortgage Agency. The affordable housing project aimed to provide homes to veterans of the conflict between Russia and Ukraine.
The loan proceeds would enable the Government of Ukraine to build 1.44 million m2 of housing (approximately 30,600 apartments) under conditions of mortgage financing or financial leasing and an annual interest rate not higher than 15.3%. "
Staff Comments
The terms of the loan including, maturity, potential grace period, and interest rate are currently set with expected ones.
Sources & References
- 乌克兰成中美竞争新战场，美媒：中国资金将胜美国武器
- 中国与乌克兰经贸合作的 最新进展及发展潜力
- Cabinet Provides State Guarantees Under Loan Worth USD 500 Million To State Mortgage Authority To Fund Housing Program
- UKRAINE: CHINESE NATIONAL CONTRACTOR WINS TENDER TO PROVIDE $500 MILLION TO SMI TO IMPLEMENT HOUSING PROGRAMS
- Chinese Cash Competes For Influence in Ukraine with U.S. Lethal Aid - media
- Ukraine to attract USD 500mln loan from Chinese CCEC
- Cabinet of Ministers confirms the State Mortgage Institution acquired $500 million loan
- 乌克兰市场开发新突破：中国成套中标乌克兰保障性住房建设项目
- Chairman Sun Bai Meets with Ukrainian Delegation to the B&R Forum
- 中信保代表团访问乌克兰洽谈乌克兰保障房项目 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
State Mortgage Institution of Ukraine
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