China Eximbank provides $24 million concessional loan for Miramar Hotel Project (Linked to Project ID#54625)
Commitment amount
$ 60348906.41791941
Adjusted commitment amount
$ 60348906.42
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Cuba
Sector
Trade policies and regulations (Code: 330)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
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.
Additional details
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 Project ID#54625.
Number of official sources
3
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Banco Nacional de Cuba [Government Agency]