China Eximbank provides $100 million loan for Sihanoukville Special Economic Zone Project (Linked to Record ID#32206)

Project narrative

On December 13, 2010, China Eximbank Jiangsu Branch issued a mid-to-long-term overseas investment loan worth $100 million to Sihanoukville Special Economic Zone Co., Ltd. -- a special purpose vehicle -- for the Sihanoukville Special Economic Zone (SSEZ) Project. The theborrowing terms of the loan are unknown. The total cost of the project was $320 million and it was financed with a mix of debt and equity. Sinosure provided insurance worth $61,000,000 (which presumably covers the principal and interest of the China Eximbank loan). The Sihanoukville Special Economic Zone (SSEZ) is jointly operated by China’s Jiangsu Taihu Cambodia International Economic Cooperation Investment Co. Ltd. and the Cambodia International Investment Development Group Co. Ltd as the special purpose vehicle (SPV) Sihanoukville Special Economic Zone Co., Ltd. The Sihanoukville Special Economic Zone was designed with a total area of 11.13 km2. It is located 3 km from Sihanoukville Airport and 12km from Sihanoukville deep water port, close to No. 4 national highway and 210km away from Phnom Penh. The groundbreaking ceremony for this project took place on February 23, 2008. Then, in October 2008, the first company to locate its operations in the SSEZ began its operations. The SSEZ was officially inaugurated on June 13, 2012.