COVEC pledges $1 billion supplier’s credit for road construction activities

$1M USD

Funder	China Overseas Engineering Group Co., Ltd. (COVEC)
Recipient Organization	Government of Moldova
Country	Moldova
Start Date	Jan 01, 2009
End Date	Sep 27, 2029
Duration	7,574 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`85205`

Grant Description

COVEC pledges $1 billion supplier’s credit for road construction activities In 2009, the Government of Moldova and China National Overseas Engineering Corporation (COVEC) signed an MOU regarding a possible $1 billion supplier’s credit for road construction activities.

📋 Loan / Grant Terms

💰 Loan Amountwere as follows: 15 year maturity

📅 Maturity15 years

⏳ Grace Period5 years

💹 Interest Rate3%

However, a supplier’s credit agreement was never finalized.

📚 Sources & References

摩政府欢迎中海外参与摩基础设施建设项目投资与合作
USD 1 BILLION CHINESE LOAN FOR MOLDOVA
China's 'Bold Move'
Moldova to negotiate 1-B-dollar loan with China
China to grant Moldova 60 mln yuan (8.2 mln euro) 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.