Overview

China Development Bank provides a $124.5 million USD loan to Hafil Hajj Transportation Establishment for the purchase of 3,000 school buses

Commitments (Constant USD, 2023)$134,935,320

Commitment Year•2012Country of Activity•Saudi ArabiaDirect Recipient Country of Incorporation•Saudi ArabiaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2012

Start (actual): Aug 15, 2011

End (actual): Dec 31, 2011

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% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Hafil Hajj Transportation Establishment

Implementing agencies

State-owned companies

Anhui Ankai Automobile Co., Ltd.

Insurance providers

Intergovernmental Organizations

Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

China Development Bank provides a $124.5 million USD loan to Hafil Hajj Transportation Establishment for the purchase of 3,000 school buses

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2012, China Development Bank Corporation (CDB) issued a $124.5 million USD buyer's credit loan facility to Hafil Hajj Transportation Establishment for the purchase of 3,000 school buses. The proceeds of this loan were used by the borrower to partially finance a $158 million USD commercial contract with Anhui Ankai Automobile Co., Ltd. for the acquisition of 3,000 buses in five batches. In 2012, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) signed a reinsurance agreement with China Export & Credit Insurance Corporation (Sinosure) to cover exports of passenger buses from Anhui Ankai Automobile (the exporter) to Hafil Hajj Transportation Establishment. The first batch of buses arrived on August 15, 2011. The rest of the buses were delivered in 2011.

Staff comments

1. The Chinese project title is 沙特校车采购项目.