China Putian commits $35 million export credit for Phase 1 of Fiber Optic Network Rollout Project
Commitment amount
$ 79717824.26603226
Adjusted commitment amount
$ 79717824.27
Constant 2021 USD
Summary
Funding agency [Type]
China Putian Corporation [State-owned Company]
Recipient
Zimbabwe
Sector
Communications (Code: 220)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Description
On September 26, 2004, China Putian — a state-owned Chinese telecommunications company — pledged to provide a $35 million export credit to Powertel Communications, which is a wholly owned subsidiary of the Zimbabwe Electricity Supply Authority (ZESA) Holdings Group. Then, in December 2004, China Putian signed a $35 million export credit facility agreement with Powertel Communications for Phase 1 of Fiber Optic Network Rollout Project. The export credit facility agreement was insured by Sinosure. Phase 1 involved the provision of equipment for the building of a fiber optic network in three sections (Bulawayo to Victoria Falls, Bulawayo to Beitbridge and Harare to Mutare). The project was originally expected to commence in October 2004 with a completion date 18 months later in April 2006; however, it was later reported that the equipment for the project would not arrive in Zimbabwe until March or April 2005.
Number of official sources
1
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Powertel Communications [State-owned Company]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]