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Overview

China Eximbank provides loan for Vitebsk Fur Factory Modernization Project

Commitment Year•2011Country of Activity•BelarusDirect Recipient Country of Incorporation•BelarusSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2011
Start (actual)
Jan 12, 2011
Last repayment (originally scheduled)
Dec 27, 2030

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of this project was to modernize and relocate the manufacturing facilities of RUE Vitebsk Fur Factory in the city of Vitebsk. More detailed locational information can be found at https://www.openstreetmap.org/relation/9394161.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Government of Belarus

Private Sector

  • UE Vitebsk Fur Factory

Implementing agencies

State-owned companies

  • China Zhongyuan International Engineering Co., Ltd.

Loan desecription

China Eximbank provides loan for Vitebsk Fur Factory Modernization Project

Grant element•38.1097%Interest rate (t₀)•3%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

In 2011, China Eximbank agreed to provide a loan to the Government of Belarus for the Vitebsk Fur Factory Modernization Project. The face value of the loan is unknown. The loan carried a 20 year maturity and a 3% interest rate. The Government of Belarus then on-lent the proceeds of the loan to a private company called RUE Vitebsk Fur Factory (РПУП «Витебский меховой комбинат»). RUE Vitebsk Fur Factory then used the loan proceeds to finance a commercial contract with China Zhongyuan Engineering Corporation. The purpose of this project was to modernize and relocate the manufacturing facilities of RUE Vitebsk Fur Factory in the city of Vitebsk. China Zhongyuan Engineering Corporation was the contractor responsible for implementation. It signed an implementation agreement on January 12, 2011 and it ultimately completed the project, but its precise implementation start and end dates are unknown.

Staff comments

The Russian project title is «Витебский меховой комбинат». The Chinese project title is 维捷布斯克皮草厂. The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset published by Boston University’s Global Development Policy Center in December 2020.