China Eximbank signs MoU for $330 million loan for Papua New Guinea-China Integrated Agriculture Park
Pledged amount
$ 380271591.81692135
Adjusted pledged amount
$ 380271591.81692135
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Papua New Guinea
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On November 20, 2017, China Eximbank signed a Memorandum of Understanding (MoU) to provide a $330 million loan for the construction of the Papua New Guinea-China Integrated Agriculture Park Project. The project will see the construction of two duty-free integrated agriculture industrial parks in Eastern Highlands (150 hectares) and Western Highlands (130ha). PNG government consultations with the governments of Eastern Highlands and Western Highlands, the Department of Agriculture and Livestock, and the developer, China Railway International, commenced in January 2018. A local land transfer agreement to China Railway International to develop the two industrial parks has been signed. After this step is completed, the project will move onto a feasibility study and then construction. In June 2020, the project was put on hold, as the Department of Agriculture was not properly informed of the land transfer. No official financing agreement has been signed.
Number of official sources
2
Number of total sources
10
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Papua New Guinea [Government Agency]
Implementing agencies [Type]
China Railway International Group Co., Ltd. (CRIG) [State-owned Company]