Overview

ICBC provides $36 million loan in Phase II Malawi Cotton Project in 2018 (Linked to Record ID#88325)

Commitments (Constant USD, 2023)$36,226,667

Commitment Year•2018Country of Activity•MalawiDirect Recipient Country of Incorporation•MalawiSector•Agriculture, Forestry, FishingFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

China-Africa Cotton Malawi Limited

Implementing agencies

State-owned companies

Tianjin Textiles Company

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

ICBC provides $36 million loan in Phase II Malawi Cotton Project in 2018 (Linked to Record ID#88325)

Interest type•Unknown

Narrative

Full Description

Project narrative

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 Textiles (天津天纺棉业). The project is divided into two phases. The first phase is recorded in Record ID#88325. For Phase II, it is reported that ICBC provided $36 million to build a cloth factory and a towel factory while Sinosure provides the insurance coverage for this project. So far (Nov. 2021) there are no updates on Phase II.