Question NW3230 to the Minister of Economic Development
19 November 2018 - NW3230
Ross, Mr DC to ask the Minister of Economic Development
What (a) amount did (i) his department and (ii) each entity reporting to him borrow from any entity in the People’s Republic of China (aa) in each of the past three financial years and (bb) since 1 April 2018, (b) is the name of the lender of each loan, (c) conditions are attached to each loan and (d) are the repayment periods for each loan in each case?
Reply:
The Economic Development Department, Competition Commission, Competition Tribunal and ITAC have not borrowed funds from any entity in the People’s Republic of China.
With regards to the IDC, I have been furnished with a reply by the CEO of the IDC, Mr Geoffrey Qhena, to the question, which I quote as follows:
“IDC has borrowed funds from two Chinese Financial Institutions: a development finance institution (China Development Bank); and a commercial bank (China Construction Bank). Table 1 below provides details on loans raised with these institutions.”
Table 1: IDC arrangements with Chinese Lenders
|
Name of the Institution: |
(1). China Construction Bank (CCB) |
(2). China Development Bank (CDB) |
||
|
Loan Type: |
Bilateral loan |
Bilateral loan |
Short-term facility |
Bilateral loan |
|
Amount: |
50,000,000 |
75,000,000 |
50,000,000 |
100,000,000 |
|
Currency: |
USD |
USD |
USD |
USD |
|
Reference Rate: |
3 months Libor |
3 months Libor |
3 months Libor |
6 months Libor |
|
Period concluded: |
12 November 2015 |
13 October 2016 |
25 May 2018 |
23 April 2014 |
|
Tenure: |
5 years |
5 years |
1 year |
10 years |
|
Repayment terms: |
Bullet |
Bullet |
Bullet |
Amortising |
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