China CITIC Bank provides $9.1 million loan for Fandok Particle Board Production Line Project
Commitment amount
$ 13668291.43930061
Adjusted commitment amount
$ 13668291.44
Constant 2021 USD
Summary
Funding agency [Type]
China CITIC Bank Corporation Limited [State-owned Commercial Bank]
Recipient
Belarus
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
In 2009, China CITIC Bank signed a $9.1 million loan agreement with Belarusbank — a state-owned bank in Belarus — for the Fandok Particle Board Production Line Project. Belarusbank then on-lent the proceeds to OJSC Fankok (ОАО «ФанДОК») — a state-owned company — for the creation of a particle board production line at its factory in the town of Bobruisk. Upon completion, it was envisaged that the production line would have the capacity to manufacture 30,000 cubic meters of thin particleboard slabs (2-6 mm thick) per year. OJSC Fankok used the loan proceeds to finance a commercial contract that it signed with XY International Investment (北京轩辕国际投资有限公司) in 2009. On August 17, 2010, OJSC Fankok received its first shipment of Chinese equipment from XY International Investment. The plant was schedule to open in early 2013.
Additional details
The Russian project title is завод по производству тонких плит ДСП. The Chinese project title is 博布鲁伊斯克市凡岛克厂刨花板生产线项目 or 白俄罗斯“凡岛克”木材加工厂刨花板生产线项目 or “凡岛克”木材加工厂. OJSC FanDOK is one of the largest woodworking enterprises in Belarus. It was founded in 1929 and its factory is located in Bobruisk.
Number of official sources
7
Number of total sources
15
Details
Cofinanced
No
Direct receiving agencies [Type]
Belarusbank [State-owned Bank]
Indirect receiving agencies [Type]
OJSC Fandok [State-owned Company]
Implementing agencies [Type]
XY International Investment [State-owned Company]