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Overview

CDB provides $1 million working capital loan to Wonder Lighting Egypt

Commitments (Constant USD, 2023)$1,286,138
Commitment Year•2010Country of Activity•EgyptDirect Recipient Country of Incorporation•EgyptSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 1, 2010
Start (actual)
Nov 12, 2010
Last repayment (originally scheduled)
Jan 1, 2011

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

  • China Development Bank (CDB)

Receiving agencies

Private Sector

  • Wonder Lighting Egypt Co.

Implementing agencies

Private Sector

  • Shanghai Wonder Lighting & Machine Co., Ltd

Loan description

CDB provides $1 million working capital loan to Wonder Lighting Egypt

Interest type•UnknownMaturity•1 years

Narrative

Full Description

Project narrative

In October 2010, China Development Bank (CDB) issued a $1,000,000 working capital loan to Wonder Lighting Egypt Co., a private company in Egypt that is owned by China Shanghai Wonder Lighting & Machine Co., Ltd. The loan disbursed in October 2010 and it had a one year maturity. The proceeds of the loan were to be used by the borrower to purchase raw materials and cover Wonder Lighting Egypt's regular operating costs. According to the Chinese Ministry of Commerce (MOFCOM), the loan eased local Egyptian demand for electric light products and offered more than 200 jobs opportunities to Egyptians. Wonder Lighting Egypt was founded in November 2005 with a registered capital of EGP 12 million (about $2.55 million).

Staff comments

It is possible that this loan is disbursed in multiple tranches. According to the China Council for the Promotion of International Trade (CCPIT) Guangzhou Committee, part of the $1,000,000 loan was disbursed in a $200,000 tranche. While the interest rate of the loan is not known, both CDB and MOFCOM describe the loan as having development intent.