Completed Mixed AidData Chinese Aid

China Eximbank provides $42.51 million buyer’s credit loan for Northern Road Rehabilitation Project (C11B) (Linked to Record ID#71641, #71642, #71643, #71645, #71646, #71647)

$42.51M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Sri Lanka
Country	Sri Lanka
Start Date	Sep 09, 2010
End Date	Apr 06, 2032
Duration	7,880 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`71644`

Grant Description

China Eximbank provides $42.51 million buyer’s credit loan for Northern Road Rehabilitation Project (C11B) On September 9, 2010, China Eximbank and the Government of Sri Lanka signed a $42,509,700 buyer’s credit loan (BCL) agreement [No. BLA 201006] for the Northern Road Rehabilitation Project (C11B).

📋 Loan / Grant Terms

📅 Maturity15 years

⏳ Grace Period3 years

China Eximbank disbursed an unknown amount in 2010, an unknown amount in 2011, an unknown amount in 2012, $11,976,057.06 in 2013, and $5,854,555.84 in 2014. The borrower made repayments worth $3,542,475 in 2018, $3,542,476 in 2019, $3,542,475 in 2020 and $3,542,475 in 2021.

The loan's amount outstanding was $31,882,275 as of December 31, 2017, $28,339,800 as of December 31, 2018, $24,797,324 as of December 31, 2019, $21,254,849 as of December 31, 2020, $17,712,374 as of December 31, 2021, and $15,941,138 as of June 30, 2022. By early 2022, it was clear that the loan was non-performing.

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.

The purpose of the Northern Road Rehabilitation Project (C11B) was to rehabilitate and improve the 52.6 km Oddusudan-Nedunkerny (B334) Road and Mulativu-Puliyankulama (B296) Road. C11B stands for Contract 11B. Sinohydro Corporation was the contractor responsible for project implementation. The preliminary works of the project commenced on December 1, 2010.

However, the project did not officially begin until August 15, 2011. It was originally scheduled to be completed by February 14, 2014. But the project was ultimately completed and handed over to Sri Lanka’s Road Development Authority on June 27, 2014.

📋 Staff Comments

This project is also known as Northern Road Rehabilitation Project - 11B. The Chinese project title is 称斯里兰卡C11标公路项目.
Some official sources identify the management fee as 0.3%. This issue warrants further investigation.
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.
The Government of Sri Lanka loan key number is 2010032.

📚 Sources & References

RDA annual report 2012
Sri Lanka National Road Network_as-at_2019
The Export-Import Bank of China
MID – YEAR FISCAL POSITION REPORT 2013
Public Investment supported by Export Credit
新华网载文称赞公司建成的斯里兰卡C11标公路项目
Monthly Bulletin - 2010
Northern Road Rehabilitation Project (NRRP)
Completed Project: Roads and Bridges
CS-DRMS Report 814
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, 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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