Bank of China provides $4.8 million buyer’s credit loan for Farsnov Cement Plant Construction Project

Bank of China issued a buyer’s credit loan worth $4,802,164.47 for the Farsnov Cement Plant Construction Project in Iran. This loan carried a 5 year maturity, but its interest rate and grace period are unknown. The proceeds of the loan were used to finance a commercial contract with Sinoma Chengdu Design and Research Institute of Building Material Industry (CDI). The purpose of the project was to construct a cement plant for Farsnov Cement Co., Ltd (شركت سیمان فارس نو ) — capable of producing 3,000 tons of cement per day — that is located 80 km south of the city of Shiraz in Fars Province. CDI was the contractor responsible for project implementation. The cement plant was completed and put into production on or around April 24, 2006.

Additional details

1. This project is also known as the FARS NOV Cement Plant Project. The Chinese project title is 伊朗FARS NOV水泥厂项目. The Persian project title is کارخانه سیمان فارس. 2. The borrower of the loan may have been Farsnov Cement Co., Ltd, but this issue requires further investigation. 3. The loan commitment year is uncertain. It is currently set to 2005 because that is the year when Bank of China disclosed the loan.

Number of official sources

3

Number of total sources

7