Overview

China Eximbank organizes RMB 780 million syndicated buyer’s credit for Phase 2 of the High-Performance Radial Tire Project

Commitments (Constant USD, 2023)$110,162,583

Commitment Year•2023Country of Activity•CambodiaDirect Recipient Country of Incorporation•CambodiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Nov 1, 2023

Start (actual): Jan 12, 2024

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The purpose of the second phase of the project was to construct a tire factory in the Sihanoukville Special Economic Zone. More detailed locational information can be found at https://www.openstreetmap.org/way/444510025

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

Joint Venture/Special Purpose Vehicles

General Tires Technology (Cambodia) Co., Ltd

Loan description

China Eximbank organizes RMB 780 million syndicated buyer’s credit for Phase 2 of the High-Performance Radial Tire Project in Cambodia 2023

Interest type•Unknown

Narrative

Full Description

Project narrative

In November 2023, the Jiangsu Branch of China Eximbank led the issuance of an RMB 780 million syndicated buyer’s credit loan to General Tires Technology (Cambodia) Co., Ltd [通用轮胎科技(柬埔寨)有限公司] — a special purpose vehicle and subsidiary of General Tires Technology — for Phase 2 of the High-Performance Radial Tire Project. The borrowing terms of the loan are unknown. The purpose of the second phase of the project was to construct a tire factory in the Sihanoukville Special Economic Zone. The total estimated cost of Phase 2 is RMB 1.4 billion. A groundbreaking ceremony for Phase 2 took place on January 12, 2024. Then, in February 2024, the first loan disbursement took place.

Staff comments

1. The Chinese project title is 柬埔寨高性能子午线轮胎项目. 2. This was the first loan approved through China Eximbank’s special RMB 350 billion financing window, which was announced in October 2023. 3. For the time being, AidData assumes that all members of the loan syndicate were Chinese state-owned banks. This issue warrants further investigation.