China Eximbank extends $5 billion credit line to Brazil's Vale for purchase of ships and equipment (Linked to Record #59362)

$5M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Vale S.A.
Country	Brazil
Start Date	Jul 17, 2014
End Date	Jun 08, 2033
Duration	6,901 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`39175`

Grant Description

China's EXIM bank extends $5 billion credit line to Brazil's Vale for purchase of ships and equipment On July 17, 2014, the Export-Import Bank of China agreed to a $5 billion credit line to Vale (CVRD) to buy ships and equipment from Chinese companies. Vale is a multinational corporation engaged in metals and mining, and ships the majority of its production to China.

This agreement is effective for 3-years. It is unclear what portion of the credit line has been drawn down.

📋 Staff Comments

While Vale did sell several vessels to Chinese companies at a later date, this transaction was part of another agreement (see #38278).

📚 Sources & References

China
Brazil close plane, finance, infrastructure deals
Vale sells VLOCs, makes Chinese bank deals
Vale receives new credit lines from Chinese government
Brazil and China sign agreements worth US$7.5 billion
China's Bilateral Relations with Its Principal Oil Suppliers
Financial agreements signed between China and Brazil 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.