ICBC provides $36 million loan in Phase II Malawi Cotton Project in 2018 (Linked to Project ID#88325)
Pledged amount
$ 39234590.92363236
Adjusted pledged amount
$ 39234590.92363236
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Malawi
Sector
Agriculture, forestry, fishing (Code: 310)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
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 Project 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.
Number of official sources
1
Number of total sources
2
Details
Cofinanced
No
Direct receiving agencies [Type]
China-Africa Cotton Malawi Limited [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Tianjin Textiles Company [State-owned Company]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]