Completed Development AidData Chinese Aid

China Eximbank provides $24 million concessional loan for Miramar Hotel Project (Linked to Record ID#54625)

$24M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Banco Nacional de Cuba
Country	Cuba
Start Date	Apr 13, 2001
End Date	Jan 23, 2029
Duration	10,147 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`54641`

Grant Description

China Eximbank provides $24 million concessional loan for Miramar Hotel Project On April 13, 2001, Diana Fernandez of the Cuban National Bank and Yang Zilin of the Export-Import Bank of China signed a concessional $24 million inter-bank agreement to finance the Miramar Hotel project located on Havana's Malecón during Chinese President Jiang Zemin's visit to Cuba.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

📋 Staff Comments

One official source says the agreement is a 'Confessional Loan Provided by Import and Export Bank of China for Wang Hai Hotel'; however, due to the spelling error and the fact that the Wang Hai Hotel had pre-existed in China, the coder believes that the funding of the Miramar Hotel is the project (See: China and Cuba Bilateral Relations and East Asia: Seventh Report of Session 2005-06, Volume 2).
One source says interbank agreement was 'concluded'. Unclear if this means the agreement was signed or the loan was completed.
This project is part of a $400 million loan umbrella captured in Project ID#54625.

📚 Sources & References

Cuba
China
Venezuela: New Developments
Suscritos amplios convenios de colaboración entre Cuba y China
China
Cuba Sign Series of Cooperative Documents
East Asia: Seventh Report of Session 2005-06
Volume 2
China and Cuba Bilateral Relations
China's Emerging Role in Latin America: Evidence from Cuba
Venezuela, and the Caribbean
Sino-Cuban relations 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.