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Overview

China Development Bank provides a buyer's credit loan to Hafil Hajj Transportation Establishment for the 500 Passenger Bus Export Project

Commitments (Constant USD, 2023)$59,466,303
Commitment Year•2019Country of Activity•Saudi ArabiaDirect Recipient Country of Incorporation•Saudi ArabiaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2019

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

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan description

China Development Bank provides a buyer's credit loan to Hafil Hajj Transportation Establishment for the 500 Passenger Bus Export Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2019, the Anhui Branch of China Development Bank Corporation (CDB) issued an buyer's credit loan to Hafil Hajj Transportation Establishment for the 500 Passenger Bus Export Project. China Export & Credit Insurance Corporation (Sinosure) issued an export buyer's credit insurance policy to the borrower on June 20, 2019. The cost of the insurance premium was RMB 9,643,700. The proceeds of this loan were to be used by the borrower to partially finance a $67.4 million USD commercial contract, signed in January 2019, between Anhui Ankai Automobile Co., Ltd (the Chinese exporter) and Hafil Hajj Transportation Establishment, for the acquisition of 500 passenger buses.

Staff comments

1. The Chinese project title is 安徽安凯汽车股份有限公司出口沙特500台客车项目. 2. The face value of the buyer’s credit loan is unknown. For the time being, AidData assumes that the face value of the loan was equivalent to 85% ($57,290,000 USD) of the value of the commercial contract.