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
Project lifecycle
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
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Iran [Government Agency]