China Development Bank Funds USD1B India Industrial Park in Gujarat (Linked to Project ID #42662)
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]
Recipient
India
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Description
On June 30th, 2014, the China Development Bank agreed to fund a USD 1.1 billion industrial park in Gujarat focusing on electrical equipment. It is expected to create 10,000 jobs directly with an annual output of $5.2 billion. According to the Hindustan Times, the total investment in the project overall will reach $1.8 billion by 2025. On September 17, 2014, a memorandum of understanding (MOU) was signed with the Gujarat Industrial Development Bureau and the China Development Bank to invest in the establishment of a power industrial park in Gujarat. According to the agreement, the Gujarat government will provide land, taxation and administrative approvals, and the China Development Bank will provide preferential loans to the industrial park. China also agreed to invest in another industrial park in Maharashtra state at the same time (#42662).
Number of official sources
1
Number of total sources
11
Details
Cofinanced
No
Implementing agencies [Type]
Government of India (GoI) [Government Agency]