Chinese Government pledges USD $100 million loan for Coconut Community Development Project
Pledged amount
$ 227765212.1886636
Adjusted pledged amount
$ 227765212.1886636
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]
Unspecified Chinese Government Institution [Government Agency]
Recipient
Philippines
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
In early March 2004, the China National Technical Import and Export Corp (CNTIC) and the Philippine Coconut Authority signed a MoU for a soft loan of USD $100 million, which would have the Chinese government to provide for a coconut community development project in Bicol, Luzon. The project was to include the development of 400,000 hectares of coconut land in Albay, Camarines Norte, Camarines Sur, Masbate and Sorsogoon to facilitate the production of geotextile, coco peat and other high-value coconut products for commercial production and export to markets such as China. As of 2015, however, 70% of Sorsogoon coconut farms only sell raw goods with no mentions of the aforementioned processes. The loan accord allocated 40 million USD for farm inputs like fertilizers, 40 million USD for machineries and equipment for activated carbon and coco coir processing facilities, 15 million USD for developing hybrid seeds for coconut intercropping, and 5 million USD for technical services. Details of the loan and the current status of this project are unknown.
Number of official sources
1
Number of total sources
5
Details
Cofinanced
No
Direct receiving agencies [Type]
Philippine Coconut Authority [Government Agency]
Implementing agencies [Type]
China National Technical Import and Export Corporation (CNTIC) [State-owned Company]