China Eximbank provides $150 million loan for 1.2 Million All-Steel Radial Tire Production Facility Project
Commitment amount
$ 168534691.8393209
Adjusted commitment amount
$ 168534691.84
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Vietnam
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
On March 6, 2019, Advance Tire (Vietnam) Co., Ltd. — a special purpose vehicle (SPV) and wholly owned subsidiary of Guizhou Tyre Co., Ltd. — was legally incorporated in Vietnam to develop an all-steel radial tire production facility. China Eximbank subsequently issued a $150 million loan to Advance Tire (Vietnam) Co., Ltd. for the 1.2 Million All-Steel Radial Tire Production Facility Project. The loan carried an 8-year maturity. Guizhou Tyre Co., Ltd. issued a corporate guarantee in support of the loan. The purpose of the project was to construct a production facility in Tân Phước district with the capacity to generate 1.2 million all-steel radial tires annually in Vietnam. The facility produced its first batch of tires on April 1, 2021.
Additional details
1. The Chinese project title is 贵州轮胎股份公司越南投资项目. 2. The SPV is also known as Advance Tyre (Vietnam) Company Limited). Its Vietnamese name is CÔNG TY TNHH LỐP ADVANCE VIỆT NAM.
Number of official sources
5
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
Advance Tire (Vietnam) Co., Ltd. [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Advance Tire (Vietnam) Co., Ltd. [Joint Venture/Special Purpose Vehicle]
Guarantee provider [Type]
Guizhou Tyre Co., Ltd. (Guizhou Tire Factory) [State-owned Company]
Loan Details
Maturity
8 years