Overview

China Eximbank provides a €135 million EUR investment loan to Nedfast Holding B.V. for unspecified purposes

Commitments (Constant USD, 2023)$145,971,265

Commitment Year•2023Country of Activity•NetherlandsDirect Recipient Country of Incorporation•NetherlandsSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 31, 2023

Last repayment (originally scheduled): Dec 30, 2026

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project was a loan to Nedfast Holding B.V. (Nedschroef), a Dutch company headquartered at Kanaaldijk N.W. 75, 5707 LC Helmond, Netherlands. More detailed locational information can be found at: https://www.openstreetmap.org/way/286610940

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned companies

Nedfast Holding B.V. (Nedschroef)

Guarantors

State-owned companies

Shanghai Prime Mingyu Machinery Technology Co., Ltd.

Loan desecription

China Eximbank provides a €135 million EUR investment loan to Nedfast Holding B.V. for unspecified purposes

Interest rate (t₀)•5.661%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•3 years

Narrative

Full Description

Project narrative

In or around 2023, the Shanghai Branch of the Export-Import Bank of China entered into a €135 million EUR (RMB 1.08 billion) overseas investment loan agreement with Nedfast Holding B.V. (Nedschroef) — a Netherlands-incorporated manufacturer of automotive, industrial, and aerospace fasteners headquartered in Helmond, the Netherlands and subsidiary of Chinese state-owned Shanghai Electric (Group) Corporation — for unspecified purposes. This loan carried a maturity period of three years and an interest rate of EURIBOR plus a margin of 1.8%. Shanghai Prime Mingyu Machinery Technology Co., Ltd., an intermediate parent of Nedfast, issued a joint liability guarantee for this loan.

Staff comments

1. The sole shareholder of Nedfast Holding B.V. is Nedfast Investment B.V. On August 28, 2014, 100% of the shares of Nedfast Investment B.V. were bought by Shanghai Prime Netherlands B.V. The ultimate parent of Shanghai Prime Netherlands B.V. is Chinese state-owned enterprise Shanghai Electric (Group) Corporation {{see pg.4 of ID#197322}}. 2. The precise loan commitment date is unknown. For the time being, AidData has coded it as December 31, 2023. However, the loan may have been issued shortly thereafter. This issue warrants further investigation.