Overview

China Eximbank provides RMB 120 million loan for Tractor Purchase Project

Commitments (Constant USD, 2023)$19,696,805

Commitment Year•2016Country of Activity•CubaDirect Recipient Country of Incorporation•CubaSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 22, 2016

End (actual): Dec 31, 2016

Geospatial footprint

Map overview

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China Eximbank provides a loan to Cuba for the Tractor Purchase Project. More detailed locational information can be found at: https://www.openstreetmap.org/node/343276575

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

Cuba Ministry of Finance

Implementing agencies

State-owned companies

YTO Group Corporation

Loan desecription

China Eximbank provides RMB 120 million loan for Tractor Purchase Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On February 22, 2016, China Eximbank signed an RMB 120 million loan agreement with the Cuban Ministry of Finance and Prices for the Tractor Purchase Project. The borrowing terms of the loan are unknown. The purpose of the project was to acquire 486 YTO medium- and high-powered tractors and thereby increase local rice production. The proceeds of the loan were to be used by Cuba's Ministry of Agriculture and Central Enterprise for the Supply and Sale of Heavy Transportation Equipment and Parts (TRANSIMPORT) to finance an RMB 120 million commercial contract with YTO Group Corporation, which was signed in April 2014. YTO Group Corporation claims that the project was completed by the end of calendar year 2016.

Staff comments

1. The Chinese project title is 拖拖拉机采购项目 or 古巴农业部 486 台大轮拖出口项目. The Spanish project title is la compra de maquinarias agrícolas. 2. 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.