China Eximbank provides $200 million buyer's credit for Modernization and Expansion of National Telecommunications Project (Linked to Project ID#54625)
Commitment amount
$ 502907553.4826618
Adjusted commitment amount
$ 502907553.48
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Cuba
Sector
Communications (Code: 220)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On April 13, 2001, China Eximbank and the Government of Cuba signed a $200 million buyer's credit loan agreement to modernize and expand Cuba's telecommunications. The borrowing terms of the loan are unknown. This loan was part of a larger $400 financial package captured in via Project ID#54625.
Additional details
1. The Chinese project title is ”中国进出口银行关于巨龙集团电信项目买方信贷协议". 2. This loan very likely supported Gran Caimán Teleco S.A. -- a joint venture between China Grand Dragon and el Grupo de la Electrónica de Cuba -- and its efforts to facilitate the digitization of telephony in Cuba. Gran Caimán Teleco S.A. was subsequently put in charge of ETECSA (Empresa de Telecomunicaciones de Cuba SA) and Radio Cuba.
Number of official sources
1
Number of total sources
14
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Cuba [Government Agency]