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China Eximbank provides RMB 193.2 million government concessional loan for the Rural Electrification VII Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Sri Lanka |
| Country | Sri Lanka |
| Start Date | Nov 28, 2003 |
| End Date | Oct 21, 2029 |
| Duration | 9,459 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 70959 |
Grant Description
China Eximbank provides RMB 193.2 million government concessional loan for the Rural Electrification VII Project On November 28, 2003, China Eximbank and the Government of Sri Lanka signed an RMB 193,200,883 government concessional loan (GCL) agreement for the Rural Electrification VII Project.
As of 2008, it had disbursed RMB 158,379,512.04 (Rs. 2,469,390,000).
The borrower made repayments worth RMB 14,663,889 in 2018, RMB 14,663,890 in 2019, RMB 14,663,889 in 2020 and RMB 14,663,889 in 2021.
The loan's amount outstanding was RMB 87,983,336 as of December 31, 2017, RMB 73,319,447 as of December 31, 2018, RMB 58,655,557 as of December 31, 2019, RMB 43,991,668 as of December 31, 2020, RMB 29,327,779 as of December 31, 2021, and RMB 21,995,834 as of June 30, 2022.
The Rural Electrification VII Project involved rural electrification schemes located in Central, North, Western, Southern and Sabaragamuwa provinces. It sought to provide service connection to 65,000 consumers. It was initiated in March 2004 and completed in December 2006. However, the project has encountered debt repayment problems.
On April 12, 2022, the Government of Sri Lanka announced a ‘pre-emptive’ sovereign debt default, noting that it would suspend debt repayments to all external creditors other than multilateral institutions.
Its decision to suspend external debt service reportedly affected all China Eximbank loans with amounts outstanding at the time of the announcement.
Staff Comments
1. The Government of Sri Lanka loan key number is 2003050.
Sources & References
- 2008 Performance Report
- Financial Statements
- Appendix
- China-Sri Lanka Economic Relations: An Overview
- CS-DRMS Report 814
- The Export-Import Bank of China
- Disbursements in 2014 January to December.pdf, 814 Disbursements Jan to Dec 2015
- Disbursement from January to December 2016.pdf, 814-1 Annual 2017 for WEB New.pdf
- Transactions For the period from to 2019/01/01 2019/12/31, 814 up to Oct 2018.PDF
- Transactions For the period from to 2020/01/01 2020/12/31
- Transactions For the period from to 2021/01/01 2021/11/30
- Actual Disbursement by Transaction Date
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2018
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2019
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2021
- Instrument-wise Details of Central Government External Debt obtained under Foreign Law as at 2022/06/30
- PARLIAMENTARY DEBATES (HANSARD), 2015 Annual Report Ministry of Finance Sri Lanka
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31 ST DECEMBER 2020 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 Sri Lanka
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