China Eximbank provides a loan to Cuba for the Tractor Purchase Project

In 2016, China Eximbank provided a loan to the Cuban Ministry of Finance and Prices for the purchase of YTO medium and high power tractors, known as the Tractor Purchase Project. The loan terms are unknown. The purpose of the tractors is to increase local rice production. The 2017 annual report from YTO, indicates that there may be more than one Cuban state enterprise involved in buying tractors from the Chinese company--this include: Cuba TRANSIMPORT, Cuba TECNOIMPORT, AZUIMPORT, QUIMIMPEX, CUBA ENERGOIMPORT, IMECO, CUBA CITRICOS CARIB, UBA EMPRESA IMPORTADORA, and EMIAT. Cuba TECNOIMPORT, was the client with the highest ending balance that year. According to the consolidated balance sheet from December, 31, 2019, Cuba TECNOIMPORT had a balance of 24,922,379.40 RMB indicating that the project may still be in the implementation stage.

Additional details

The Chinese project title is 拖拖拉机采购项目. This project is different from the export credits agreement captured in Project #70189. According to a Chinese government source, two loans and one PBC agreement were signed that day for the purchase of tractors (See: http://cu.mofcom.gov.cn/article/todayheader/201602/20160201263974.shtml). A Cuban source says the loan captured in this project is the 4th tranche-- a 5th tranche is in the works-- so we know that there are multiple facilities being used for the same goal (See https://cubainformacion.tv/cuba/20160223/67367/67367-banco-chino-concede-nuevo-credito-a-cuba-para-compra-de-tractores-y-trenes).

Number of official sources

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Number of total sources

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