CAMC provides loan for Kyaukse Cement Factory Construction Project in 2000

Project narrative

On June 2, 2000, China National Construction & Agricultural Machinery Import & Export Corporation (CAMC) signed a $16.5 million commercial contract for the Kyaukse Cement Factory Construction Project. The commercial contract was financed with a loan from an unknown Chinese state-owned lender. The borrowing institution and the borrowing terms of the loan are unknown. However, it is known that the Government of Myanmar's Ministry of Finance issued a sovereign guarantee in support of the loan. It is also known that the borrower purchased credit insurance from Sinosure. The purpose of the project was to build a cement factory with a 500-ton capacity in Kyaukse, the hometown of Myanmar's then-head of state. China National Construction & Agricultural Machinery Import & Export Corporation (CAMC) was the EPC contractor responsible for project implementation. Construction began on January 28, 2001 and ended on July 21, 2002. Then, on October 29, 2002, initial cement production began. On January 9, 2003, all testing was finished. A project completion ceremony was held on January 27, 2003.