Completed Development AidData Chinese Aid

China Eximbank reschedules a $100 million loan for Serbia

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Serbia
Country	Serbia
Start Date	Feb 20, 2009
End Date	Mar 20, 2029
Duration	7,333 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`67018`

Grant Description

On December 23, 1999, the Federal Republic of Yugoslavia (FRY) contracted a $100 million loan with China Eximbank for currency stabilization purposes.

📋 Loan / Grant Terms

💰 Loan Amounthad a 5 year maturity and a 20 month grace period

📅 Maturity5 years

After the dissolution of FRY, the Republic of Serbia assumed responsibility for this debt.

On February 20, 2009, the loan agreement was restructured and all rights and liabilities from this loan were transferred to China Export & Credit Insurance Corporation (Sinosure).

📋 Loan / Grant Terms

💰 Loan Amounthad a 10

⏳ Grace Period1.5 years

🔁 Repayment Period10.5 years

As of June 30, 2012, the outstanding principal debt was $67.7 million.

As of December 31, 2018, the loan was still being repaid in accordance with the terms of the agreement in semi-annual installments. As of 2020, the remaining principal to be paid was $9,201,080.

📋 Staff Comments

The average 6 month LIBOR rate in February 2009 was 1.757%, so AidData codes the all-in interest rate as 1.757% + 1.3% = 3.057%.No transaction amount is recorded since this project represents a loan rescheduling, not an original flow of resources to recipient country.

📚 Sources & References

Financial Statements prepared in accordance with International Financial Reporting Standards for the year ended 31 December 2009 with Independent Auditor's Report
塞尔维亚拟向中国申请10亿欧元贷款
Financial Statements prepared in accordance with International Financial Reporting Standards for the year ended 31 December 2004 with Independent Auditor's Report
Daily Survey: AGREEMENT REACHED ON WRITE-OFF OF PART OF NIS DEBT TO SINOCHEM
Analysis of the Republic of Serbia's Debt
Yugoslav Daily Survey: YUGOSLAVIA OWES CHINA $US650 MILLION, ЗАКОН О БУЏЕТУ РЕПУБЛИКЕ СРБИЈЕ ЗА 2020. ГОДИНУ
Serbia and Montenegro—Letter of Intent
Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding
Analysis of the Republic of Serbia's Debt
Independent Auditor's Report on Financial Statements
对外投资合作国别（地区）指南
ANALYSIS OF THE REPUBLIC OF SERBIA’S DEBT
KPMG Independent Auditor's Report of the National Bank of Serbia
Quarterly Report 20180930 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.