Project ID: 85250

China Eximbank provides RMB 80 million government concessional loan for Al Furat Cotton Mill Equipment Modernization Project (Linked to Project ID#65099)

Commitment amount

$ 20389898.502537176

Adjusted commitment amount

$ 20389898.5

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Syria

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2006-01-01

Planned start

2006-01-01

Actual start

2007-07-17

Planned complete

2011-12-31

NOTE: Red circles denote delays between planned and actual dates

Geography

Description

In June 2004, the Chinese Government and the Government of Syria signed a preferential loan framework agreement. Then, according to a dataset of foreign-financed projects that the Syrian Planning Commission (SPC) provided to UNDP Syria in May 2011, the China Eximbank provided an RMB 80 million ($11,776,000) government concessional loan (GCL) in 2006. This loan carried a 10 year maturity and a 3 year grace period. Its interest rate is unknown. The borrower was to use the loan proceeds to finance a commercial contract with China Textile Industrial Corporation for Foreign Economic and Technical Cooperation (CTEXIC). The purpose of this project was to modernize the equipment of a cotton mill called Al Furat Spinning and Weaving Company (شركة الفرات للغزل والنسيج), which is located on the outskirts of the city of Deir Ez Zour (دير الزور). Its exact locational coordinates are 35°23'42”N, 40°14'26”E. CTEXIC was the contractor responsible for implementation. The originally expected project implementation start date was January 1, 2006 and the originally expected project completion date was December 31, 2011. On July 9, 2007, the President of CTEXIC met with Dr. Fouad Al Jouni, Syrian Industrial Minister. During that meeting, the project was described as ‘ongoing’. However, a project commencement order was not issued until July 17, 2007. Then, during the second half of 2008, a set of new weaving machines were successfully delivered.

Additional details

1. This project may also be known as the Renewing Furat Spinning Mill Project in Deir Ez-Zour, the Al Furat Spinning Company Modernization Project, the Renewal of Syria Deir Ez Zour Elfurat Spinning Company Project, or the Equipment Renewal in Mill No.1 of Syria Deir Ez Zour Elfurat Spinning Company Project. The Arabic project title is مشروع تجديد معمل الفرات للغزل بدير الزور. The Chinese project title is 叙德尔祖尔棉纺厂设 or 叙利亚杰布莱新棉纺厂项目 or 叙德尔祖尔棉纺厂设备更新改造项目 or 叙利亚德尔祖尔厂棉纺设备更新改造项目 or 棉纺设备更新改造项目. 2. According to written correspondence between Hala Imad (from the Government of Syria’s State Planning Commission) and WANG Hong (from the Concessional Loan Department of China Eximbank) on June 21, 2010, China Eximbank issued two separate GCLs for the Al Furat Spinning and Weaving Company: the Renewal of Syria Deir Ez Zour Elfurat Spinning Company Project and the Equipment Renewal in Mill No.1 of Syria Deir Ez Zour Elfurat Spinning Company Project. However, it is unclear which project was supported by the 2002 GCL (captured in Project ID#65099) and which project was supported by the 2006 GCL (captured in Project ID#85250). This issue merits further investigation.

Number of official sources

5

Number of total sources

13

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Syria [Government Agency]

Implementing agencies [Type]

China Textile Industrial Corporation for Foreign Economic & Technical Cooperation (CTEXIC) [State-owned Company]

Loan Details

Maturity

10 years

Grace period

3 years

Bilateral loan

Government Concessional Loan

Investment project loan