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Overview

China Eximbank provides RMB 1 billion loan for North Sulawesi Cement Production Project (Linked to Record ID#49812)

Commitments (Constant USD, 2023)$157,474,631
Commitment Year•2017Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 24, 2017
Start (actual)
Feb 1, 2017
End (actual)
Oct 12, 2018
Last repayment (originally scheduled)
Feb 22, 2027

Geospatial footprint

Map overview

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The purpose of the project was to construct a cement production line in Inobonto within North Sulawesi Province with the capacity to produce 5000 tons of clinker cement per day. https://www.openstreetmap.org/way/814055644

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% Chinese ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned companies

  • Conch North Sulawesi Cement

Implementing agencies

State-owned companies

  • Conch North Sulawesi Cement

Guarantors

State-owned companies

  • Anhui Conch Cement Company

Loan description

China Eximbank provides RMB 1 billion loan for North Sulawesi Cement Production Project

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

On February 24, 2017, the Anhui Branch of China Eximbank signed an RMB 1 billion loan agreement with PT Conch North Sulawesi Cement (North Sulawesi Conch or 北蘇海螺水泥有限公司) — a subsidiary of Anhui Conch Cement Company Limited — for the North Sulawesi Cement Production Project. This loan carried a 10 year maturity, but its interest rate is unknown. Anhui Conch Cement Company Limited issued a corporate guarantee in support of the loan. The purpose of the project was to construct a cement production line in Inobonto within North Sulawesi Province with the capacity to produce 5000 tons of clinker cement per day. Construction commenced in February 2017, and progress was suspended in June due to an insufficient environmental impact assessment and worker visa issues. The project was completed on October 12, 2018.

Staff comments

1. Anhui Conch Cement Company Limited, known also as Anhui Conch or Conch Cement, is the largest cement manufacturer or seller in the mainland China, headquartered in Anhui Province. It is a state-owned enterprise. 2. This project is linked to an umbrella record (Record ID#49812) for all the four cement projects in Indonesia by Conch Group.