ICBC provides $44.2 million loan in Phase I Malawi Cotton Project in 2018 (Linked to Project ID#88326)

On March 19, 2018, the Chinese Ambassador to Malawi announced the groundbreaking ceremony of China-Africa Malawi Textiles Comny was held and witnessed by both the Chinese and Malawian officials. The China-Africa Malawi Textiles Company is a joint venture between China-Africa Cotton and Tianjin Tianfang Textiles (天津天纺棉业). The project is divided into two phases. For Phase I of the project, it is reported that ICBC provided $44.2 million to build a modern textile factory, aiming for an annual production of over 12 thousand tons while Sinosure provides the insurance coverage for this project. The first phase is expected to be completed in June 2019. Phase II of the project is funded by a $36 Million loan from ICBC (captured in Project ID#88326). Based on recent news regarding cotton shortages that affect textile production in 2020 (Source 148875), we can safely infer that the project has been completed by Nov. 2020. However there were no exact dates of the completion.

Additional details

It is only reported that ICBC provided the loan for the investment, but no documents from ICBC itself were found. At the same time, 2018 was coded as the estimated commitment year as at that time, construction had already started. It is unclear whether it is finished yet.

Number of official sources

1

Number of total sources

3