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Overview

China Eximbank provides $24 million concessional loan for Miramar Hotel Project (Linked to Record ID#54625)

Commitments (Constant USD, 2023)$55,740,522
Commitment Year•2001Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Trade Policies And RegulationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 13, 2001
Start (planned)
Jan 1, 2001

Geospatial footprint

Map overview

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This project involved the construction of the Miramar Hotel located on Havana's Malecón. More detailed locational information can be found at https://www.openstreetmap.org/way/314944526

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

  • Banco Nacional de Cuba

Loan desecription

China Eximbank provides $24 million concessional loan for Miramar Hotel Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On April 13, 2001, Diana Fernandez of the Cuban National Bank and Yang Zilin of the Export-Import Bank of China signed a concessional $24 million inter-bank agreement to finance the Miramar Hotel project located on Havana's Malecón during Chinese President Jiang Zemin's visit to Cuba. The borrowing terms of the loan are unknown.

Staff comments

1. One official source says the agreement is a "Confessional Loan Provided by Import and Export Bank of China for Wang Hai Hotel"; however, due to the spelling error and the fact that the Wang Hai Hotel had pre-existed in China, the coder believes that the funding of the Miramar Hotel is the project (See: China and Cuba Bilateral Relations and East Asia: Seventh Report of Session 2005-06, Volume 2). 2. One source says interbank agreement was "concluded". Unclear if this means the agreement was signed or the loan was completed. 3. This project is part of a $400 million loan umbrella captured in Record ID#54625.