China Eximbank restructures 1998 loan for Phase 1 of Les Mamelles Housing Project in 2004 (Linked to Record ID#13307, ID#67498, and ID#67500)

Funder	China (People's Republic of)
Recipient Organization	Seychelles
Country	Seychelles
Start Date	Jul 27, 2004
End Date	Dec 28, 2032
Duration	10,381 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`73578`

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.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following terms: 4% interest rate

📅 Maturity8 years

⏳ Grace Period4 years

💹 Interest Rate4%

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.

📋 Loan / Grant Terms

📅 Maturity16 years

⏳ Grace Period5 years

💹 Interest Rate2%

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. 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.