balances amounted to RMB42,411,907, including RMB9,329,593 due on December 31, 2022. The borrowing was collateralized on the Group’s certain buildings with the net book value of RMB150,315,786.
In 2018, the Group entered into a 14-year loan agreement with Inter-American Development Bank and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslandeen N.V. for an aggregate amount of USD105,185,805 (RMB733,797,213). As of December 31, 2021, the Group has drawn down RMB419,041,065 (USD65,724,715), including RMB26,684,916 due on December 31, 2022. The interest rate is the aggregate of 5%~9% and LIBOR. The borrowing was pledged by all of the Group’s rights under the loan agreement and all current and future funds deposited in the designated bank account as well as all of the assets and shares with carrying amount of RMB682,105,885 as of on December 31, 2021 of certain project companies of the Group. As of December 31, 2021, the borrowing was reclassified as held-for-sale liabilities.
In 2019, the Group entered into an 8-year loan agreement with China Everbright Bank for a principle amount of RMB372,000,000 with the interest rate of 6.37%, which was repayable from September 2019 to July 2027. As of December 31, 2021, the total outstanding balances amounted to RMB255,753,331, including RMB41,313,330 due on December 31, 2022. The borrowing was collateralized on the Group’s certain buildings with the net book value of RMB664,363,082.
In 2019, the Group entered into a 2-year loan agreement with China CITIC Bank for a principle amount of RMB30,000,000 with the interest rate of 8.50%, which was due and payable in August 2021.
In 2020, the Group entered into a 2-year loan agreement with China Everbright Bank for a principle amount of RMB100,000,000 with the interest rate of 4.90%, which is due and payable in June 2022. The borrowing was guaranteed by Jiangxi Jinko and collateralized on the Group’s certain equipment with the net book value of RMB238,612,455. As of December 31, 2021, the Group recorded RMB98,000,000 under long-term borrowings in total.
In 2021, the Group entered into two separate 5-year loan agreements with Industrial Bank Co.,LTD. for a principle amount of RMB100,000,000 and RMB19,000,000 with the interest rate of 5.30% and 5.30%, respectively, which were repayable from December 2021 to December 2026. As of December 31, 2021, the total outstanding balances amounted to RMB119,000,000, including RMB5,190,000 due on December 31, 2022.
In 2021, the Group entered into a 3-year loan agreement with Deutsche Bank Co.,LTD. for a principle amount of USD11,739,585 (RMB74,848,069) with the interest rate of 1.92%, which was repayable from March 2022 to December 2024. As of December 31, 2021, the total outstanding balances amounted to RMB74,848,069, including RMB24,949,356 (USD3,913,195) due on December 31, 2022.
2) Financings associated with failed sale-leaseback transactions
During the year ended December 31, 2020 and 2021, the Group sold certain machinery and equipment with total carrying amount of RMB583.0 million and RMB2,630 million to certain third parties (the “purchaser-lessors”) for a total consideration of RMB572.4 million and RMB3,334 million and simultaneously entered into contracts to lease back these assets from the purchaser-lessors for periods from one to six years. Pursuant to the terms of the contracts, the Group is required to pay to the purchaser-lessors quarterly lease payment over the contract periods and is entitled to obtain the ownership of these equipment at a nominal price upon the expiration of the leases. Through the leaseback, the Group substantially retains all of the benefits and risks incident to the ownership of the equipment sold and the fair value of these equipment upon expiration of leasing period is most likely to be much higher than the repurchase price. Therefore, these lease transactions do not qualify as sale-leaseback transaction. Accordingly, the Group identified the transactions as financing arrangements and recorded as borrowings. As of December 31, 2021, the Group recorded RMB2,756,451,505 under long-term borrowings, including RMB1,272,284,205 as current portion.
3) Other long-term borrowings
In the February 2018, Jiangxi Jinko, together with government background funds, established Jinko Sichuan. Cash capital injections with an aggregate amount of RMB1.3 billion had been made by the non-controlling shareholders through December 31, 2021. The Group controls and consolidates such entity in its financial statements. In October 2020, Jiangxi Jinko entered into a supplementary investment agreement with the government background funds, pursuant to which the government background funds will no longer participates in any business decision of Jinko Sichuan and enjoys a fixed annual return of 6% on its capital injection. Additionally, Jiangxi Jinko shall repurchase all the 30% equity interests (the non-controlling interest) held by the government background funds upon the sixth anniversary of the capital injection date with a repurchase price equivalent to the capital injection made by the