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Overview

ICBC and CDB pledge $500 million for Ferronickel Plant Construction Project in Moa (Linked to Record ID#39834)

Commitments (Constant USD, 2023)$1,051,868,149
Commitment Year•2004Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2004
Last repayment (originally scheduled)
Dec 25, 2028

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 Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Government Agencies

  • Central Bank of Cuba

Joint Venture/Special Purpose Vehicles

  • Joint Venture Between Minmetals Group and Yamanigüey

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • Joint Venture Between Minmetals Group and Yamanigüey

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

ICBC and CDB pledge $500 million for Ferronickel Plant Construction Project in Moa (Linked to Record ID#39834)

Interest type•UnknownMaturity•25 years

Narrative

Full Description

Project narrative

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 Record ID#39834.

Staff comments

The Spanish name for this project is PROYECTO DE FERRONÍQUEL-MOA (See: Cuba y China, excelentes relaciones).