China Eximbank provides $8 million concessional loan for Independence Stadium Grandstand Rehabilitation Project (Linked to Record ID#2339)

📋 Staff Comments

1. Another $86.1 million China Eximbank concessional loan was issued for the National Heroes Stadium (AKA Lusaka National Stadium) Construction Project (as captured via Project ID#2339).
2. According to the World Bank's Debtor Reporting System (DRS), the weighted average grace period of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Zambia was 5.2659-years in 2010. AidData estimates the grace period of the China Eximbank loan that supported the Independence Stadium Grandstand Rehabilitation Project by using this figure. See https://www.dropbox.com/scl/fi/uyz6w7q31x2o8i6rna7ug/DRS-May-2024-Extraction-Official-Chinese-Loan-Commitments-to-Zambia.xlsx?rlkey=n0a6270w91pdmmfyaoqva419r&dl=0 3. According to the World Bank's Debtor Reporting System (DRS), the weighted average maturity of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Zambia was 19.6554-years in 2010. AidData estimates the maturity of the China Eximbank loan that supported the Independence Stadium Grandstand Rehabilitation Project by using this figure. See https://www.dropbox.com/scl/fi/uyz6w7q31x2o8i6rna7ug/DRS-May-2024-Extraction-Official-Chinese-Loan-Commitments-to-Zambia.xlsx?rlkey=n0a6270w91pdmmfyaoqva419r&dl=0 4. According to the World Bank's Debtor Reporting System (DRS), the weighted average interest rate of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Zambia was 1.936% in 2010. AidData estimates the interest rate of the China Eximbank loan that supported the Independence Stadium Grandstand Rehabilitation Project by using this figure. See https://www.dropbox.com/scl/fi/uyz6w7q31x2o8i6rna7ug/DRS-May-2024-Extraction-Official-Chinese-Loan-Commitments-to-Zambia.xlsx?rlkey=n0a6270w91pdmmfyaoqva419r&dl=0

📚 Sources & References

• Lusaka Stadiums Works Kick Off June 28
• Ambassador Zhou Yuxiao Toured the Project of Lusaka Stadium
• Zambia
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• Hui Liangyu Meets Zambian President and Attends Lusaka Stadium Opening Ceremony
• Zambia lauds China for construction of ultra-modern stadium in Lusaka
• Construction work on new Zambia stadium starts
• Zambia complete construction of Heroes National Stadium
• Chinese Debt
• Aid and Trade: Opportunity or Threat for Zambia?
• The Chinese loan conundrum: Who is benefitting from Zambia’s phantom growth in construction?
• Chinese Amb. Toured the Project of Lusaka Stadium
• THE STATUS OF ZAMBIA’S DOMESTIC AND EXTERNAL DEBT
• Chinese-supported infrastructure projects change Zambia's landscape
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• Ministerial Statement - Youth and Sport 17th July, 2013-2
• Chinese Loans to Africa Database 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.