Project ID: 67645

CITIC pledges $500 million loan for Khuzestan Green Paper Factory Project

Pledged amount

$ 576169078.5104868

Adjusted pledged amount

$ 576169078.5104868

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]

CITIC Group Corporation [State-owned Company]

Recipient

Iran

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2017-01-01

Actual start

2019-12-24

Description

In 2017, CITIC Group Corporation Ltd. reportedly agreed to issue a loan for the $500 million for the Khuzestan Green Paper Factory Project (or کاغذ سبز خوزستان). The purpose of the project is to build a factory in Khuzestan Province that is capable of producing 240,000 tons of paper, which meets 38% of Iran's annual paper needs. The paper will be produced from sugar cane pulp (bagas) and will create 464 jobs directly and 2,000 jobs indirectly. A formal project commencement ceremony took place on December 24, 2019; however, AidData has not identified any evidence that a loan agreement with CITIC Group Corporation Ltd. was finalized. A partnership agreement was signed on December 24, 2019 for setting up Khuzestan Green Paper Mill.

Additional details

CITIC Group Corporation Ltd. is a state-owned investment company of the People's Republic of China. It is unclear if the CITIC loan was ever finalized and officially committed-to; therefore, this project is status-coded as a pledge rather than a commitment or being in implementation for the time being.

Number of official sources

2

Number of total sources

11

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Iran [Government Agency]

Loan Details

Bilateral loan

Investment project loan