Project ID: 41935

Chinese Government pledges loan for Ethanol Production Project

Pledged amount

$ 60866261.744531594

Adjusted pledged amount

$ 60866261.744531594

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

Fiji

Sector

Energy (Code: 230)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2008-03-08

Description

In September 2008, Chinese investors announced plans for an ethanol project in Fiji. Then, on February 28, 2008, during a visit to Fiji, a delegation of experts from Henan Tianguan Group Co. Ltd., assessed the feasibility of developing ethanol from cassava. The ethanol production project was expected to involved a total investment of 40 million Fijian dollar, with 30,000 tons of cassava being processed a month, producing 50,000 tons of ethanol. The Government of Fiji hoped that the project would ease the pressure caused by the continued rise in international oil prices. On March 8, 2008, Fiji's Ambassador to China, Sir James Ah Koy signed a memorandum of understanding with the visiting Chinese delegation on producing ethanol from cassava. Then, on September 22, 2008, Liangci Sugar Manufacture Company Limited of Guangxi State Farms announced a planned FJ63.6 million ($39 million) ethanol processing plant. According to the USCC and the Research Centre of the Pacific Island Countries, this project was going to be funded with a concessional loan from the Chinese Government (with a 20 year maturity, 5 year grace period, and 2 percent interest rate). However, the development of this project reportedly stalled due to domestic concerns over cassava use.

Number of official sources

3

Number of total sources

15

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of the Republic of Fiji [Government Agency]

Implementing agencies [Type]

Henan Tianguan Group Co. Ltd. [Private Sector]

Guangxi State Farms Group Co Ltd [State-owned Company]

Loan Details

Maturity

25 years

Interest rate

2.0%

Grace period

5 years

Grant element (OECD Grant-Equiv)

36.8918%

Bilateral loan

Investment project loan