Overview

Bank of China provides loan for Sewing Machine Electric Motor Project

Commitment Year•2016Country of Activity•Viet NamDirect Recipient Country of Incorporation•Viet NamSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

Geospatial footprint

Map overview

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The purpose of this project was to implement a Sewing Machine Electric Motor Project in Long Giang Industrial Park within Tan Lap 1 Commune and Tan Phuoc District. More detailed locational information can be found at https://www.openstreetmap.org/way/740842055 and http://www.mofcom.gov.cn/article/zt_jwjjmyhzq/subjectp/201011/20101107229230.shtml

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% host country ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

Private Sector

Fang Zheng (Vietnam) Founder Motor Co. Ltd.

Implementing agencies

Private Sector

Fang Zheng (Vietnam) Founder Motor Co. Ltd.

Guarantors

Private Sector

Zhejiang Founder Motor Co. Ltd. (FDM)

Loan description

Bank of China provides loan for Sewing Machine Electric Motor Project

Interest type•Unknown

Narrative

Full Description

Project narrative

According to a 2016 China Daily press release, Bank of China (BOC) issued a loan to Fang Zheng (Vietnam) Founder Motor Co. Ltd. — a wholly owned subsidiary of Zhejiang Founder Motor Co Ltd — for a Sewing Machine Electric Motor Project in Long Giang Industrial Park. The face value and borrowing terms of the loan are unknown. However, it is known that Zhejiang Founder Motor Co Ltd issued a corporate guarantee for the loan worth no more than $3 million. The nature and status of project implementation is unclear.

Staff comments

1. The Chinese name for Fang Zheng (Vietnam) Founder Motor Co. Ltd. is 方正电机(越南)有限公司.