Project ID: 63674

Bank of China provides loan for Sewing Machine Electric Motor Project

Summary

Funding agency [Type]

Bank of China (BOC) [State-owned Commercial Bank]

Recipient

Vietnam

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Mixed (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

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2016-01-01

Geography

Description

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.

Additional details

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

Number of official sources

2

Number of total sources

2

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Details

Cofinanced

No

Direct receiving agencies [Type]

Fang Zheng (Vietnam) Founder Motor Co. Ltd. [Private Sector]

Implementing agencies [Type]

Fang Zheng (Vietnam) Founder Motor Co. Ltd. [Private Sector]

Guarantee provider [Type]

Zhejiang Founder Motor Co. Ltd. (FDM) [Private Sector]

Loan Details

Bilateral loan