CSYIC offers $40 million loan for Ngardmau Port Development Project
Pledged amount
$ 60080401.93099169
Adjusted pledged amount
$ 60080401.93099169
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]
China Shenyang International Economic & Technical Cooperation Co,. Ltd. (CSYIC) [State-owned Company]
Recipient
Palau
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On August 5, 2009, the Shenyang International, Economic & Technical Cooperation Corporation City Government (CSYIC) agreed in principle to issue a $40 million loan to the Government of Palau. The proceeds of the loan were to be used by the borrower to develop Ngardmau port into an international commercial port. The representative from CSYIC, Mr. Narciso D. Cauguiran Jr., was accompanied by a delegation from Truk Pacifica Development Corporation, which was prepared to conduct a $100,000 feasibility study for this project. On September 13, 2010, the Palau Senate voted to approve $100,000 for a project feasibility study in order to secure the $40 million loan. On April 16, 2010, it was reported that the same company, CSYIC, was prospecting for oil in Palau, and the alleged deal for the Ngardmau Free Trade Zone was based on a 'false rumor'. On July 20, 2011, it was reported that the deal fell through after Palau took in Uighur refugees against China's wishes.
Number of official sources
0
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Palau [Government Agency]
Implementing agencies [Type]
Truk Pacifica Development Corporation [Private Sector]