China Development Bank contributes to $30 million syndicated export credit agreement for Phase 2 of DET-AL Aluminum Plant Construction Project (Linked to Record ID#100819)

Project narrative

In late 2012, a syndicated lending group consisting of the Inner Mongolia Branch of China Development Bank (CDB) and China Construction Bank Corporation (CCB) signed a $30 million syndicated export credit agreement with Sichuan Machinery and Equipment Import and Export Corporation for Phase 2 of DET-AL Aluminum Plant Construction Project. The purpose of this project was to facilitate the construction of the second phase of the DET-AL Ganja Aluminum Plant in Azerbaijan’s Ganja district. The second phase sought to increase the plant's production capacity of electrolytic aluminum from 60,000 to 160,000 tons. Sichuan Machinery was involved in the first phase of construction on the aluminum plant, which officially launched on March 3, 2008. Due to limited cash flow, Sichuan Machinery and Equipment Import and Export Corporation agreed to the syndicated loan in late 2012. The first phase of the project was completed on March 15, 2012. By early 2014, the construction of the aluminum plant was complete. An opening ceremony was held on January 21, 2014. Record ID#65745 captures the estimated financial commitment of China Development Bank, while Record ID#100819 captures the estimated financial commitment of China Construction Bank.