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Overview

China Eximbank provides preferential buyer's credit for Two Gantry Cranes Acquisition Project

Commitment Year•2016Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 22, 2016
Start (actual)
Sep 1, 2016
End (actual)
Sep 1, 2016

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project is located at Mariel Port. More detailed locational information can be found at https://www.openstreetmap.org/way/231297138

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 Cuba

Implementing agencies

Private Sector

  • Huawei Technologies Co., Ltd.

State-owned companies

  • China Communications Construction Co., Ltd. (CCCC)
  • Shanghai Zhenhua Heavy Industries Co., Ltd. (ZPMC)

Loan description

China Eximbank provides preferential buyer's credit for Two Gantry Cranes Acquisition Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On February 22, 2016, China Eximbank and the Government of Cuba signed a preferential buyer’s credit (PBC) agreement for the Two Gantry Cranes Acquisition Project. The borrowing terms of the loan are unknown. However, it is known that the borrower was expected to use the proceeds of the loan to finance a commercial contract with Shanghai Zhenhua Heavy Industries Co., Ltd [中国上海振华重工（集团）股份有限公司] , which was signed in May 2014. The purpose of the project was to facilitate the acquisition of two rail-mounted cranes from Shanghai Zhenhua Heavy Industries Co., Ltd [中国上海振华重工（集团）股份有限公司] -- a global leader in port equipment -- for installation and use at Mariel Port. China Communications Construction Co., Ltd. (CCCC) was the contractor responsible for project implementation. Chinese telecommunications giant Huawei also provided technological support for the project. The two gantry cranes were delivered to the Mariel Port in early September 2016. After the cranes were put into use, Mariel Port had a capacity of 800,000 TEUs per year with four cranes.

Staff comments

1. 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. 2. The Spanish project title is el proyecto compra de dos grúas pórtico or la construcción de RTG destinadas a la Terminal de contenedores del Puerto del Mariel en la compañia ZPMC. The Chinese project title is 古巴港智能闸口系统 or 古巴圣地亚哥港 or 装箱码头的重型装卸机械 or 振华重工古巴项目 or 振华重工的岸桥设备.