Loading grant details…
ICBC provides $34 million buyer's credit for Upgrading of Lot III & IV Project (Linked to Record ID#69391)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Ethiopian Electric Power Corporation (EEPCo) |
| Country | Ethiopia |
| Start Date | May 04, 2014 |
| End Date | Aug 20, 2032 |
| Duration | 6,683 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 69392 |
Grant Description
ICBC provides $34 million buyer's credit for Upgrading of Lot III & IV Project On May 4, 2014, the Industrial and Commercial Bank of China (ICBC) signed a $34,035,316.65 buyer's credit (loan) agreement with Ethiopia Electric Power Corporation (EEPCo) for the Upgrading of Lot III & IV Project.
The loan's first and last scheduled principal payment dates were December 20, 2016 and June 20, 2026, respectively. Its first and last scheduled interest payment dates were December 20, 2016 and June 20, 2026, respectively. The Government of Ethiopia issued a sovereign guarantee in support of the loan.
The purpose of the project was to provide electricity for ICT infrastructure. Huawei Technologies Co., Ltd. was the contractor responsible for implementation. The project was completed and put into operation in 2017.
Staff Comments
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- This project is also known as the Electricity Project.
- ICBC also financed Lot I and Lot II (as captured via Record ID#69391).
- Some sources identify China Development Bank (CDB) rather than ICBC as the financier. This issue warrants further investigation.
- The loan identification number in the Government of Ethiopia’s Debt Management and Financial Analysis System (DMFAS) is 20877000 and the corresponding project name in DMFAS is ‘UPGRADE LOT III & IV’. See https://www.dropbox.com/scl/fi/7nrczfanixvivmiyzqx3i/MOFED-Loan-Level-Data-on-Borrowing-Terms-and-Loan-Performance-September-2024_OTHER_PUBLIC.xlsx?rlkey=5sqhh9ii4t3x8cmz0jf6s7cod&dl=0 6. As of September 2024, the Government of Ethiopia recorded the loan's all-in interest rate as 8.36% in DMFAS. See https://www.dropbox.com/scl/fi/7nrczfanixvivmiyzqx3i/MOFED-Loan-Level-Data-on-Borrowing-Terms-and-Loan-Performance-September-2024_OTHER_PUBLIC.xlsx?rlkey=5sqhh9ii4t3x8cmz0jf6s7cod&dl=0
Sources & References
- Annual Public Sector Debt Portfolio Report For the Year 2017/18
- Public Sector Debt Statistical Bulletin No 13
- Chinese Loans to Africa Database
- SAIS-CARI Loans China
- MOFED Loan-Level Data on Borrowing Terms and Loan Performance September 2024_PUBLIC
- Infrastructure Development in Ethiopia and Its Impact on Economic Diplomacy With China
- List of Ethiopia- China Cooperation Major Projects from Ethiopia's Ministry of Finance September 2024 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
Ethiopian Electric Power Corporation (EEPCo)
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
