Overview

China Development Bank pledges $100 million loan for Feruka Paper and Board Factory Construction Project

Commitments (Constant USD, 2023)$140,844,608

Commitment Year•2008Country of Activity•ZimbabweDirect Recipient Country of Incorporation•ZimbabweSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 30, 2008

Start (planned): Jan 30, 2008

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% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Government Agencies

Government of Zimbabwe

Implementing agencies

Private Sector

Shandong Taishan Paper Co., Ltd.

Loan desecription

China Development Bank pledges $100 million loan for Feruka Paper and Board Factory Construction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On 30 January, 2008, a Chinese state-owned company, Shandong Taishan Paper Company, announced plans for the construction of a $100 million paper manufacturing plant called the Feruka Paper and Board Factory. The factory, located in Manicaland Province, would recycle the large amounts of available sawdust between the towns of Chimanimani and Nyanga for the production of paper. China Development Bank and the Infrastructure Development Bank of Zimbabwe reportedly agreed in principle to finance the project. Construction was slated to begin in February 2008; however, there is no evidence that this project ever moved forward. In January 2013, the Shandong Taishan Paper Company went bankrupt.