China Development Bank pledges $80 million loan for Mutare Paper Manufacturing Plant Project
Pledged amount
$ 162555926.8205363
Adjusted pledged amount
$ 162555926.8205363
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Zimbabwe
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On 11 August, 2006, a Zimbabwean media outlet reported that China Development Bank would invest $80 million USD in the construction of a paper manufacturing plant in the city of Mutare, Zimbabwe while partnering with a number of local companies. The three companies who helped organize the Zimbabwean side of the deal were Hunyani Holdings; Zimbabwe Newspapers (Zimpapers), Zimbabwe's leading consumer of newsprint; and the Forestry Company of Zimbabwe, the owner of commercial timber for paper production. There is no evidence that this project ever moved forward.
Additional details
It should be noted that this planned paper plant is separate from the previously existing Mutare Board Paper Company in the city.
Number of official sources
0
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Zimbabwe [Government Agency]
Implementing agencies [Type]
Zimbabwe Newspapers (Zimpapers) [State-owned Company]
Forestry Company of Zimbabwe [Private Sector]
Hunyani Holdings [Private Sector]