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Overview

China provides loan for Phase III and Phase IV of Cuban Hospital Project (Linked to Record ID#36184 and #36185)

Commitment Year•2012Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•HealthFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 5, 2012

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

  • China Development Bank (CDB)

Receiving agencies

Government Agencies

  • Government of Cuba

Implementing agencies

Government Agencies

  • National Bank of Cuba

Loan description

China provides loan for Phase III and Phase IV of Cuban Hospital Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On 5 July, 2012, during talks between Chinese President Hu Jintao and Cuba's Raúl Castro, a loan agreement was signed to finance improvements to health infrastructure in Cuba. China Development Bank provided a loan for Phase III and Phase IV of the Cuban Hospital Project (or 国家开发银行古巴医院三、四期融资贷款项目). The face value and loan terms were not made public. Legal services for the agreement were provided by Zhonglun W&D Law Firm. The loan was signed by the general director of the National Bank of Cuba, Juliana Maritza Martínez, and China Development Bank chief Chen Yuan after the meeting between the two leaders. Since 2005, China has provided USD $350 million for Cuban hospitals (see #36184 and #36185).

Staff comments

The assumption has been made that the loan signed on July 5, 2012, is the same as that which funded the Phase III and IV of the hospital project mentioned in "专业委员会." The loan signed July 5 does not specify the hospital, but does note it is for health infrastructure.