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[China Co-Financing Fund] IDB administers $20 million loan from CHC to Government of Uruguay for Innovation Program for Productive Development
| Funder | People's Bank of China (PBC) |
|---|---|
| Recipient Organization | Government of Uruguay |
| Country | Uruguay |
| Start Date | Feb 13, 2015 |
| End Date | Aug 12, 2030 |
| Duration | 5,659 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 85261 |
Grant Description
[China Co-Financing Fund] IDB administers $20 million loan from CHC to Government of Uruguay for Innovation Program for Productive Development On February 13, 2015, the Inter-American Development Bank (IDB) signed a loan contract with the Government of Uruguay to finance the Innovation Program for Productive Development, through which the IDB would provide $20 million from its ordinary capital (Loan 3315/OC-UR), and the People's Bank of China would provide $20 million (Loan 3316/CH-UR) via the China Co-Financing Fund for Latin America and the Caribbean (CHC).
The IDB lists the anticipated total cost of the project as $70 million, and notes that the remaining $30 million was to be financed by the Government of Uruguay.
The purpose of the Innovation Program for Productive Development is to increase the productivity and competitiveness of firms in Uruguay.
The program was to be implemented by the National Agency for Research and Innovation (Agencia Nacional de Investigación e Innovación, ANII).
Objectives of the Innovation Program for Productive Development included increasing firm innovation capacities; strengthening human capital; boosting the generation of scientific and technological knowledge; and enhancing the ANII’s capacity to design, execute, and evaluate public policies for science, technology, and innovation.
Loan disbursements began between January 2015 and June 2015. As of October 31, 2017, 19,166,091 had been disbursed from the loan from the China Co-Financing Fund. As of October 26, 2020, 99.92% of the total $40 million had been disbursed.
In the original loan proposal, published October 21, 2014, the loan is listed as having a 24-year amortization period and a 6.5-year grace period, including a 6-year disbursement period.
The borrower was expected to pay a LIBOR-based interest rate plus the applicable lending spread for the Bank's ordinary capital loans. The IDB lending spread in Semester 1 of 2015 was 0.85% with a 0.25% credit fee.
Staff Comments
- The China Co-Financing Fund was established on January 14, 2013 with a contribution of $2 billion by the People's Bank of China, and it is administered by the IDB. For more information, see umbrella Project ID#86526.
- 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 IDB lending spread data are drawn from https://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=EZSHARE-1436601171-376.
Sources & References
- China's Financing in Latin America and the Carribean
- UR-L1096 : Innovation Program for Productive Development
- INNOVATION PROGRAM FOR PRODUCTIVE DEVELOPMENT ( UR - L1096 ) LOAN PROPOSAL .
- PMR Operational Report UR-L1096 10/26/20
- Resolution DE-155/14
- Operation Profile - UR-L1096 - First period Jan-Jun 2015
- Agencia Nacional de Investigación e Innovación: Estados Financieros 31 de diciembre de 2018
- CONTRATO MODIFICATORIO entre la REPÚBLICA ORIENTAL DEL URUGUAY y el BANCO INTERAMERICANO DE DESARROLLO
- Agencia Nacional de Investigacion e Innovacion
- Agencia Nacional de Investigacion e Innovacion 2015
- Cuadro III : Desagregación de Préstamos Internacionales VIGENTES AL 30/06/2021
- PROGRAMA DE INNOVACIÓN PARA EL DESARROLLO PRODUCTIVO (UR-L1096)
- Public Report 2014
- Public Report 2015
- Audit Report for the Period 2015/02/13 - 2016/12/31
- Public Report 2016
- Public Report 2017
- Public Report 2018
- Public Report 2019
- UR-L1096 : Programa de Innovación para el Desarrollo Productivo 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 Uruguay
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