Project ID: 57211

China Development Bank provides a $170 million loan to JISCO for the acquisition of the Alpart Alumina Plant (Linked to Project ID#57213, #71281, and #71640)

Commitment amount

$ 200736766.42093942

Adjusted commitment amount

$ 200736766.42

Constant 2021 USD

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Jamaica

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Unallocable

Infrastructure

No

Category

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2016-01-01

Actual start

2016-11-24

Actual complete

2017-06-21

Geography

Description

On September 22, 2016, China Development Bank (CDB), Jiuquan Iron and Steel Co. Ltd. (JISCO), and the Jamaican Government signed the Tripartite Cooperation Framework Agreement for Alpart Aluminum Project. JISCO bought Alumina Partners of Jamaica (Alpart) alumina plant from Rusal for $299 million using a $170 million loan provided by CDB. The maturity, grace period, and interest rate of the loan are unknown. The CDB served as liaison between JISCO and the Government of Jamaica, conducted research, and coordinated on-site investigations before the acquisition. On June 21, 2017, production resumed at the Alpart alumina plant. The Alpart alumina plant produced its first batch of alumina products on October 6, 2017. The plant has a nameplate capacity of 1.65 million metric tons per annum, but JISCO’s modernization program is expected to boost that capacity to 2 million metric tons per annum of refined alumina. JISCO suspended alumina production at Alpart plant in September 2019 for the modernization program.

Additional details

1. This CDB loan is not captured in the China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center. 2. Project ID#57211 captures the $170 million loan from CDB for the Alpart acquisition, and is linked to the $129 million that JISCO spent on the Alpart acquisition (captured via Project ID#71640). This project is also linked to (a) Project ID#57213, which captures a $150 million loan from CDB for aluminum production committed at the same time as this loan; and (b) Project ID#71281, which captures JISCO's 2019 modernization program to expand the Aplart plant's capacity.

Number of official sources

10

Number of total sources

16

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Details

Cofinanced

No

Direct receiving agencies [Type]

Jiuquan Iron & Steel (Group) Co. Ltd (JISCO) [State-owned Company]

Implementing agencies [Type]

Rusal [Private Sector]

Government of Jamaica [Government Agency]

Loan Details

Bilateral loan

M&A