ICBC and CDB pledge $500 million for Ferronickel Plant Construction Project in Moa (Linked to #39834)
Pledged amount
$ 1138826060.9433181
Adjusted pledged amount
$ 1138826060.9433181
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]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Cuba
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On 22 November, 2004, the President of Sinosure, the President of Industrial Bank of China (ICBC), and the President of China Development Bank (CDB) signed a Memorandum of Understanding (MOU) with representatives from the Central Bank of Cuba for a $500 million loan to construct a nickel (ferronickel) plant in the eastern city Moa in Holguin province. The loan terms are unknown. The financial breakdown between ICBC and CDB is unknown. The plant is expected to have a production capacity of around 22,500 tons of nickel per year. The nickel plant is to be run by an SPV comprised of China's Minmetals Corporation and Cuba's Yamanigüey S.A.. This equity component is captured in linked project #39834.
Additional details
The Spanish name for this project is PROYECTO DE FERRONÍQUEL-MOA (See: Cuba y China, excelentes relaciones).
Number of official sources
2
Number of total sources
14
Details
Cofinanced
No
Direct receiving agencies [Type]
Central Bank of Cuba [Government Agency]
Indirect receiving agencies [Type]
Joint Venture Between Minmetals Group and Yamanigüey [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Joint Venture Between Minmetals Group and Yamanigüey [Joint Venture/Special Purpose Vehicle]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]
Loan Details
Maturity
25 years