Project ID: 18744

China Development Bank pledges $80 million loan for Mutare Paper Manufacturing Plant Project

Pledged amount

$ 141074662.0

Constant 2017 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

Concessional

Vague

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2006

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 (See: China to sink $80m into white paper plant in Zim). 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 (See: China to sink $80m into white paper plant in Zim). 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 unofficial sources

3

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Zimbabwe [Government Agency]

Implementing agencies [Type]

Forestry Company of Zimbabwe [Private Sector]; Hunyani Holdings [Private Sector]; Zimbabwe Newspapers (Zimpapers) [State-owned Company]

Loan type

No Information

Gurarantee provided

No

Insurance provided

No