CDB provides $1 million working capital loan to Wonder Lighting Egypt
Commitment amount
$ 1392726.9357962403
Adjusted commitment amount
$ 1392726.94
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Egypt
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Description
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).
Additional details
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.
Number of official sources
5
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Wonder Lighting Egypt Co. [Private Sector]
Implementing agencies [Type]
Shanghai Wonder Lighting & Machine Co., Ltd [Private Sector]
Loan Details
Maturity
1 years