Overview

China Eximbank provides $200 million buyer's credit for Modernization and Expansion of National Telecommunications Project (Linked to Record ID#54625)

Commitments (Constant USD, 2023)$464,504,348

Commitment Year•2001Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 13, 2001

End (planned): Mar 31, 2002

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 Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

Government of Cuba

Loan description

China Eximbank provides $200 million buyer's credit for Modernization and Expansion of National Telecommunications Project

Interest type•Unknown

Narrative

Full Description

Project narrative

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 Record ID#54625.

Staff comments

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.