China Eximbank provides RMB 300 million overseas investment loan for Phase 3 of Tianli Textile Mill Project (Linked to Record ID#1142, 24931)

Project narrative

In 2002, China Eximbank provided an RMB 35 million loan to Tianli Spinning (Mauritius) Co. Ltd. — a special purpose vehicle and wholly owned subsidiary of Shanxi Tianli Enterprise Company Limited — for Phase 1 of the Tianli Textile Mill Project (as captured via Record ID#1142). The purpose of Phase 1 was to construct a new textile mill in Mauritius with a production capacity of 2500 tons and 15,000 spindles. Beijing Construction Engineering Group (BCEG) was the contractor responsible for implementation. Construction began in 2002 and the textile mill started trial production activities in April 2003. Phase 1 was completed at the end of July 2003 and a completion ceremony was held on November 4, 2003. Phase 2 commenced in September 2004 and was completed in July 2005. It added another 35,000 spindles and increased the production capacity of the textile mill from 2500 tons to 13,000 tons. It was supported by an RMB 98 million loan from China Eximbank (as captured via Record ID#24931). In March 2006, Tianli Spinning (Mauritius) Co. Ltd. submitted a loan application to China Eximbank for Phase 3 of the Tianli Textile Mill Project. China Eximbank approved an RMB 300 million overseas investment loan for Phase 3 of the Tianli Textile Mill Project on September 27, 2006. The loan agreement between China Eximbank and Tianli Spinning (Mauritius) Co. Ltd. was signed in June 2007 (as captured via Record ID#60226). It carried a 5-year maturity and an unknown interest rate.