Narrative
Full Description
Project narrative
On September 24, 2016, Chinese Government and the Governmental of Cuba signed a framework agreement for the Press Modernization Project. Then, on June 23, 2017, China Eximbank and the Government of Cuba signed a government concessional loan (GCL) agreement worth $82,486,000 for the Press Modernization Project. The borrowing terms of the loan are unknown. The purpose of the project is to (a) make capital improvements (including the installation of modern printing equipment) at the facilities of state-run newspapers (including Juventud Rebelde, Trabajadores, Tribuna de La Habana and Granma Internacional) in Havana, Santa Clara, and Holguín; and (b) improve the means of transportation used to distribute newspapers to customers (via a company called Correos de Cuba). China National Complete Plant Import & Export Corporation Ltd. was contracted to the project. Project implementation commenced in 2018 and was temporarily suspended during the Covid-19 pandemic. However, by 2021, all of the equipment for project h
Staff comments
1. The Spanish project title is El Proyecto Modernización Editorial de la Prensa or El proyecto de reconversión tecnológica para la producción de la prensa y otros materiales gráficos. The Chinese project title is 古巴印刷技术升级改造项目. 2. The GCL was almost certainly denominated in RMB. However, available sources (such as https://www.periodicocubano.com/cuba-ejecuta-nuevos-creditos-de-china-y-rusia-para-modernizar-la-prensa-y-antillana-de-acero/) only refer to the face value of the loan in USD (82,486,000). This issue warrants further investigation. 3. This China Eximbank loan is not captured in the China-Latin America Finance Database, which is co-produced by the Inter-American Dialogue and Boston University’s Global Development Policy Center.