Completed Mixed AidData Chinese Aid

China Eximbank provides $150 million preferential buyer's credit for Railway Passenger Car Project

$150M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Cuba
Country	Cuba
Start Date	Feb 22, 2016
End Date	Jul 02, 2027
Duration	4,148 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`54791`

Grant Description

China Eximbank provides $150 million preferential buyer's credit for Railway Passenger Car Project On February 22, 2016, China Eximbank and the Government of Cuba signed a $150 million preferential buyer's credit (PBC) agreement for the Railway Passenger Car Project. The proceeds of the loan were to be used by the borrower to finance 85% of the cost of a commercial contract.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: 2% interest rate and 15-year maturity

📅 Maturity15 years

💹 Interest Rate2%

The purpose of this project was to facilitate the acquisition of 240 railway cars, and this was the first time in 44-years that Cuba had received new railroad cars.

China National Machinery Import and Export Corporation (CMC) and China General Technology were the contractors responsible for project implementation.

On May 20, 2019, the first batch of 56 railway cars was successfully delivered, which was followed-up by an additional 24 railway cars two weeks later. These railway cars were first put into operation on July 15, 2019.

Although it was originally planned that the railways cars would continue to arrive in Havana at a rate of 80 each year from 2019 to 2021, there is no evidence that any additional railway cars were ever delivered after the original batch of 80.

📋 Staff Comments

1. The Chinese project title is 铁路客项目首.

📚 Sources & References

Firman Cuba y China acuerdos para el desarrollo de sectores estratégicos
La banca cinese Exim Bank ha concesso un nuovo credito a Cuba
Cuba y China consolidan la cooperación en el sector financiero
Open to the World
CHINA GRANTED NEW LOANS TO CUBA
Timely Chinese credits
China and Japan have rushed into the Cuban market before the United States
中国进出口银行与古巴财政价格部签署重要协议
Cuba Receives First Batch of Train Carriages from China
Trenes chinos comienzan a rodar por Cuba
Cuba recibe primer lote de vagones chinos para recuperar su red ferroviaria
China National Machinery Import and Export Corporation Sustainability Report on Serving the Belt and Road Initiative
对外投资合作国别（地区）指南: 古巴
通用物流公司承运出口古巴铁路客车顺利装船
对外投资合作国别（地区）指南古巴（2019年版）
Cuba and China: Governance and Industrial Collaboration
Cuba upgrades its railroad system with Chinese support
A TODO TREN
INVERSIONES EN EL FERROCARRIL
ACLARAN QUE TRENES NACIONALES COMENZARÁN A CIRCULAR CUANDO LA HABANA PASE A LA FASE DOS
FERROCARRIL EN CUBA: SOBRE RIELES A PESAR DE LOS OBSTÁCULOS
Cuba upgrades its railroad system with Chinese support
中国进出口银行代表团访问古巴
China intenta rescatar destartalado sistema ferroviario en Cuba
Cuba's Chinese-made train starts its first run
Cuba passenger train service gets new cars from China 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.