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ICBC and CDB pledge $500 million for Ferronickel Plant Construction Project in Moa (Linked to Record ID#39834)
| Funder | China Development Bank (CDB)|Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Central Bank of Cuba |
| Country | Cuba |
| Start Date | Jan 01, 2004 |
| End Date | Feb 28, 2026 |
| Duration | 8,094 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 35939 |
Grant Description
ICBC and CDB pledge $500 million for Ferronickel Plant Construction Project in Moa On 22 November, 2004, the President of Sinosure, the President of Industrial Bank of China (ICBC), and the President of China Development Bank (CDB) signed a Memorandum of Understanding (MOU) with representatives from the Central Bank of Cuba for a $500 million loan to construct a nickel (ferronickel) plant in the eastern city Moa in Holguin province.
The financial breakdown between ICBC and CDB is unknown. The plant is expected to have a production capacity of around 22,500 tons of nickel per year. The nickel plant is to be run by an SPV comprised of China's Minmetals Corporation and Cuba's Yamanigüey S.A.. This equity component is captured in linked Record ID#39834.
Staff Comments
The Spanish name for this project is PROYECTO DE FERRONÍQUEL-MOA (See: Cuba y China, excelentes relaciones).
Sources & References
- Olé China
- China fastens Cuban nickel.
- Chinese President makes state visit to Havana
- China
- Jamaica sign eight deals to boost trade
- TIMELINE-Chinese investments in Latin America
- Cuba construirá planta ferroníquel pese a bajos precios
- Buenas noticias para finalizar el año
- Chinese sign nickel accords
- Más inversiones para el níquel
- CHINA MINMETALS FORMARA EMPRESA CONJUNTA DE NIQUEL EN CUBA
- Anuncian el hallazgo de un pozo petrolero
- China's Emerging Role in Latin America: Evidence from Cuba
- Venezuela, and the Caribbean
- Cuba y China, excelentes relaciones
- 张向晨副部长会见古巴工业部长和能矿部长 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Central Bank of Cuba
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