Bank of China provides $1.8 million buyer’s credit loan for Qeshm Cement Factory Construction Project

Project narrative

In 2005, Bank of China issued a buyer’s credit loan worth $1,871,683.61 for the Qeshm Cement Factory Construction Project. This loan carried a 10 year maturity, but its interest rate and grace period are unknown. The purpose of the project was to construct a cement factory at the 7th km of Dargahan-Ramkan Road on the Island of Qeshm. The project was undertaken in two phases. The first phase was undertaken in 2000 and it involved the installation of a cement mill with the capacity to produce 350 tons of cement per day. The second phase, which involved the construction of a cement factory capable of producing 900 tons of cement per day, was completed in early 2005 and it began operations later that year.