Overview

China gives 10 year extensions on 4 Cuban interest-free loans

Commitment Year•2004Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Action Relating To DebtFlow Type•Debt rescheduling

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2004

Start (planned): Oct 31, 2004

End (planned): Nov 1, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

China Ministry of Commerce

Receiving agencies

Government Agencies

Government of Cuba

Loan description

China gives 10 year extensions on 4 Cuban interest-free loans

Interest rate (t₀)•0%Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

In November 2004, Bo Xilai, China's Minister of Commerce, and Ricardo Cabrisas Ruiz, a Cuban Minister, signed an agreement postponing Cuba's payment of 4 interest-free loans for 10 additional years. These government loans (collectively worth $50 million) were granted to Cuba between 1990-1994 They included a 1990 loan for a bicycle and fan factory; a 1992 loan for bicycles, fans, and fish farming programs; a 1992 loan for bicycles; and a 1994 loan for pharmaceutical raw materials, equipment, and medicines.