China Eximbank provides concessional loan for Thanlyin Glass Bottle Factory Reconstruction Project (Linked to Project ID#98029, 96221)

China Eximbank and the Government of Myanmar signed a concessional loan agreement for a Thanlyin Glass Bottle Factory Reconstruction Project. The face value, commitment date, and borrowing terms of the loan are unknown. The purpose of this project was to renovate two furnaces (Furnace No. 1 and Furnace No. 3) at a glass bottle factory — with the capacity to produce 126,990 glass bottles per day — in the Thilawa Industrial Zone (သီလဝါစက်မှုဇုန်) within Thanlyin Township. China CAMC Engineering Co. Ltd was the contractor responsible for implementation of the project. China Eximbank conducted an on-site, post-loan project inspection from March 30, 2013 to April 2, 2013. There are some indications that the China Eximbank loan for the Thanlyin Glass Bottle Factory Reconstruction Project may have financially underperformed vis-a-vis the original expectations of the lender. In 2020, China Eximbank and the Government of Myanmar signed a debt suspension agreement as part of the G-20 Debt Service Suspension Initiative (DSSI). Under the terms of the agreement, the lender agreed to suspend principal and interest payments due between May 1, 2020 and December 31, 2020 under 3 buyer’s credit loan (BCL) agreements, 6 government concessional loan (GCL) agreements, and 27 preferential buyer’s credit (PBC) agreements (as captured via Project ID#98029). Debt service payments under many of these loan agreements were again deferred in 2021 (as captured via Project ID#96221).

Additional details

1. This project is also known as the Renovation of No. 1 and No. 3 Furnaces at the Thanlyin Glass Factory Project. The Chinese project title is 缅甸丁茵玻璃瓶厂2号窑改造项目 or 缅甸丁茵玻璃瓶厂 or 缅甸1号窑、3号窑项目 or 缅甸丁茵玻璃瓶厂改造项目. 2. The loan commitment year is currently set to 2013, the year in which China Eximbank conducted an on-site, post-loan project inspection. 3. The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020. 4. China CAMC Engineering Co. Ltd also signed a $1,933,200 renovation contract for the No. 2 furnace on June 9, 2001, but it is unclear if that contract was financed by China Eximbank.

Number of official sources

8

Number of total sources

9