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China Eximbank restructures 1998 loan for Phase 1 of Les Mamelles Housing Project in 2011 (Linked to Record ID#13307, ID#67498, and ID#73578)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Seychelles |
| Country | Seychelles |
| Start Date | Apr 18, 2011 |
| End Date | Feb 27, 2032 |
| Duration | 7,620 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67500 |
Grant Description
On August 20, 1998, China Eximbank and the Government of Seychelles signed an RMB 87,980,000 government concessional loan (GCL) agreement [CHINA EXIMBANK GCL NO.13 (38) 1998] for Phase 1 of the Les Mamelles Housing Project.
The full face value of the loan was disbursed.
Then, in 2004, China Eximbank and the Government of Seychelles signed an agreement to reschedule the repayment terms of this loan.
The parties also agreed that repayments would be made in twelve, semi-annual installments of RMB 7.2 million between 2009 and 2014.
However, due to economic difficulties, the Government of Seychelles had difficulty servicing this loan even after the 2004 rescheduling. Consequently, as of March 2011, principal and interest arrears (worth RMB 48,402,062.25) had accumulated.
Then, on April 18, 2011, China Eximbank and the Government of Seychelles signed another agreement [CHINA EXIMBANK GCL NO.13D (38) 1998] to reschedule the repayment terms of this loan.
The parties also agreed that repayments would be made in twenty, semi-annual installments between September 21, 2019 and March 20, 2029.
The agreement also stipulated that the borrower could defer payment of an unpaid commitment fee (worth RMB 275,854.20) and unpaid accrued interest (RMB 21,045,948.02) to the first repayment date (September 21, 2019).
This loan rescheduling was part of a larger debt restructuring agreement with China Eximbank (captured in Umbrella Record ID#13307).
Record ID#73578 captures the 2004 rescheduling of the loan for Phase 1 of the Les Mamelles Housing Project, and Record ID#67500 captures the 2011 rescheduling of the loan for Phase 1 of the Les Mamelles Housing Project.
Staff Comments
- The Chinese project title is 塞舌尔莱蒙斯住宅 or 援塞舌尔莱蒙斯住宅（一期）项目.
- In the database of Chinese loan commitments to African governments that SAIS-CARI released in 2020, it identifies the loan commitment year for Phase 1 of Les Mamelles Housing Project as 2007. However, the April 18, 2011 loan rescheduling agreement between China Eximbank and the Government of Seychelles specifies that the loan for Phase 1 of Les Mamelles Housing Project was contracted on August 20, 1998.
- The 1998 China Eximbank loan agreement that supported Phase 1 of Les Mamelles Housing Project I can be accessed in its entirety via https://www.dropbox.com/scl/fi/jlwn0ym1nhfpwlulpkwas/Seychelles-1998-China-Eximbank-Loan-Agreement-for-the-Les-Mamelles-Housing-Project-Phase-1.pdf?rlkey=fpc24hvy4dmat28adco5w6bx3&dl=04. The 2011 debt rescheduling agreement for the 1998 China Eximbank loan that supported Phase 1 of Les Mamelles Housing Project I can be accessed in its entirety via https://www.dropbox.com/scl/fi/ykkb97g72zb8ohpi6phty/Seychelles-2011-China-Eximbank-Loan-Rescheduling-Agreement-for-Les-Mamelles-Housing-Phase-1-Project-2.pdf?rlkey=u7kb7er5yvor39h5dgr16sxk3&e=1&dl=05. Supplemental Agreement D can be accessed in its entirety via https://www.dropbox.com/s/zneynuste1u710p/1998%20Les%20Mamelles%20Rescheduling%20Agreement.pdf
Sources & References
- Bargaining with Beijing: A Tale of Two Borrowers
- ChinaLoansToAfrica©SAIS-CARI.csv
- Email correspondence between AidData and Seychelles Ministry of Finance
- EXIM BANK OF CHINA DEBT STATUS AND RESTRUCTURING NEGOTIATIONS
- RE: Request for List of Loans from Chinese Government Institutions to Seychelles
- RE: Request for List of Loans from Chinese Government Institutions to Seychelles
- Seychelles 1998 China Eximbank Loan Agreement for the Les Mamelles Housing Project Phase 1
- The Supplemental Agreement D Of The Loan Agreement On The Development Of Les Mamelles Housing Project Phase -1 Under The Chinese Concessional Loan
- 驻外机构 中国沈阳国际经济技术合作有限公司 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.
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Government of Seychelles
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