China Eximbank provides $56 million loan for Fiberglass Production Line Construction Project (Linked to Project ID#30924, ID#91748, and ID#91765)

In January 2012, China Jushi Co., Ltd (“China Jushi”), the world’s largest fiberglass manufacturer, created a special purpose vehicle and wholly-owned subsidiary called Jushi Egypt for Fiberglass Industry S.A.E (Jushi Egypt). China Development Bank and China Eximbank subsequently issued a $156 million loan and a $56 million loan, respectively, to Jushi Egypt for the construction of a 80,000-ton-a-year fiberglass production line (alkali-free glass fiber kiln drawing production line) located in Egypt’s Suez Economic and Trade Cooperation Zone. CDB’s loan, which carried an 8 year maturity, is captured via Project ID#91765. China Eximbank’s loan, which carried an 8 year maturity, is captured via Project ID#91748. The first phase of the project cost $223 million and it was put into operation on April 23, 2014. The project’s second phase involved the construction of another 80,000 ton/year production line, It was put into operation in July 2016. The third phase of the project, which involved the construction of a 40,000 ton/year production line, was completed in June 2017. Jushi Egypt has reportedly created 2,500 local jobs. Its products are mainly supplied to Europe, as well as Turkey, Middle East and North Africa, and Egyptian local markets.

Additional details

1. It is unknown if CDB or China Eximbank provided additional financing for the second and third phases of the project. This issue merits further investigation

Number of official sources

4

Number of total sources

11