CDB provides $24 million loan to ZTE Energy for Palm Garden Project
Commitment amount
$ 27656115.768503368
Adjusted commitment amount
$ 27656115.77
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Indonesia
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Geography
Description
In 2017, China Development Bank and ZTE Energy — a Chinese state-owned enterprise — signed a $24 million loan agreement for the Palm Garden Project. The borrowing terms of the loan are unknown. However, it is known that the borrower purchased credit insurance. The implementation status of this project, which reportedly supported one or more palm oil plantations on about 120,000 acres in Central Kalimantan Province, is unknown.
Additional details
1. This project is also known as the ZTE Energy Indonesia Palm Garden Project and the Palm Oil Plantation Project. The Chinese project title is 中兴能源棕榈园项目. 2. ZTE Energy purchased two palm oil companies in Indonesia's Kalimantan Island with 30,000 hectares of farmland in 2009. About 13,000 hectares are planted with palm trees. With a $100 million investment, the company was expecting to produce 50,000 tons of palm oil by the end of 2012.
Number of official sources
4
Number of total sources
6
Details
Cofinanced
No
Direct receiving agencies [Type]
ZTE Energy [State-owned Company]
Implementing agencies [Type]
ZTE Energy [State-owned Company]
Government of Indonesia [Government Agency]