Overview

China Eximbank provides preferential buyer's credit to ship 1 million television sets to Cuba

Commitment Year•2004Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2004

Start (planned): Nov 23, 2004

First repayment (originally scheduled): Dec 31, 2005

Last repayment (originally scheduled): Dec 30, 2011

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 preferential buyer's credit to ship 1 million television sets to Cuba

Grace period•2 yearsGrant element•14.6419%Interest rate (t₀)•5.89%Interest type•Fixed Interest RateMaturity•8 years

Narrative

Full Description

Project narrative

In 2004, China Eximbank and the Government of Cuba signed a preferential buyer's credit (PBC) loan agreement for the New Televisions Project. This loan carried the following terms: 8 year maturity, 2 year grace period, and 5.89% interest rate. The purpose of this project was to facilitate the acquisition of another one million Chinese televisions. In 2001, Cuba previously obtained a $150 million loan via a buyer's credit agreement from China Eximbank for the acquisition of the first batch of one million Chinese televisions (#54627).

Staff comments

1. The Spanish project title is El Nuevo Proyecto de Televisores. 2. One source claims the agreement was signed on 10 June, 2005 (See: 6月10日，中国进出口银行梁骧行长助理与古巴国民银行行长伊尔玛女士签署了关于出口古巴100万台彩电的买方信贷协议。古巴驻华大使阿鲁菲、经济参赞伊莱安娜等出席了签字仪式).