China Eximbank provides $15 million preferential buyer's credit for acquisition of 12 locomotives
Commitment amount
$ 34164781.828299545
Adjusted commitment amount
$ 34164781.83
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Cuba
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
In November 2004, during President Hu Jintao's visit to Cuba, China Eximbank and the Government of Cuba signed a $15 million preferential buyer's credit (PBC) agreement for the acquisition of 12 locomotive engines. Then, on January 15, 2006, twelve DF7G-C diesel electric engines were successfully delivered to Havana by China Northern Locomotive & Rolling Stock Industry Corp. These locomotives were the first of their kind that China had ever sent to Latin America. It appears that the locomotives were intended for rail freight transportation, and to replace Cuba's dilapidated fleet of locomotives.
Additional details
The lender (funding agency) is assumed to be China Eximbank since the project was financed with a preferential buyer's credit, which is a financial instrument that is only used by China Eximbank. The China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center, does not capture the China Eximbank PBC that supported this project.
Number of official sources
1
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Cuba [Government Agency]
Implementing agencies [Type]
China Northern Locomotive & Rolling Stock Industry (CNR Group) [State-owned Company]