China Eximbank agrees in principle to provide RMB 4.2 billion loan for Medium and Low Voltage Electricity Network Improvement Project

📋 Staff Comments

1. The Spanish project title is Proyecto de Mejoramiento de Redes de Media y Baja Tensió or Central Termoeléctrica Punta Catalina.
2. The USAID Mission in the Dominican Republic informed AidData in February 2019 that the project under consideration was the Punta Catalina power plant.
3. The World Bank’s Debtor Reporting System (DRS) records three loan commitments from ‘China’ in 2001, 2002, and 2005, respectively. However, these appear to be loan commitments from Taiwan. The DRS does not record any loan commitments from China between 2018 and 2020. This issue warrants further investigation.
4. In the China's Overseas Development Finance Database produced by the Boston University Global Development Policy (GDP) Center, a 2018 China Eximbank loan worth $600 million for a 'Electrical Distribution System, Upgrade' project in the Dominican Republic. AidData has not yet independently identified any official evidence that a loan agreement with China Eximbank was finalized. As such, Project ID#54799 is status-coded as 'Pipeline: Pledge' rather than 'Pipeline: Commitment' for the time being. This issue warrants further investigation.

📚 Sources & References

• China's Global Energy Finance
• Memorandum of Understanding on Cooperation Mechanism between the Dominican Republic Represented by the Ministry of Finance and The Export-Import Bank of China
• Plan de Financiamiento Anual 2019
• Dominican Republic gets a US$600.0M loan from China
• Query about China Eximbank debt financing to CDEEE
• China has not yet disbursed US $ 600 million that would lend to RD
• Spotlight: China’s footprint in Caribbean infrastructure
• Dominican Republic eyes grid fix with US$600M from China
• Dominican Republic fear becoming ‘Hostage’ to Belt & Road, 01Quarterly Public Debt Report March, https://www.transparenciafiscal.gob.do/documents/20127/61550/20201016_Informe_Deuda_Publica_juntio_2020.pdf/a40b1df6-537c-6f79-c3fb-fb6d7dc5e3eb
• Ministerio de Hacienda Dirección General de Crédito Público
• Gobierno tomará $1,531 millones en crédito para mejora sector eléctrico
• Memorandum of Understanding
• China Eximbank Signed Memorandum of Understanding on Cooperation Mechanism with the Ministry of Finance of the Dominican Republic
• DRS Official Commitments from China through 2020, 2018 Data on Chinese Official MLT Export and Trade‐related Programs
• Economists see red flags in US$600 million Chinese loan for energy sector
• China continues to cut back Latin America loans
• China reins in lending to Latin America
• Far reaching co-operation agreements signed between China and the Dominican Republic
• Chinese engagement in the Dominican Republic: An update
• CAUTIOUS CAPITAL: CHINESE DEVELOPMENT FINANCE IN LAC, 2018
• Collado pide RD se cuide de las inversiones chinas
• COVID-19 y la desaparición de la línea financiera de China en el Caribe
• China prestará 600 millones de dólares a RD para sector eléctrico
• 中国政策性银行收紧拉美贷款, 2019年中国在拉美的开发性金融, 2019 Data on Chinese Official MLT Export and Trade-related Financing
• Is the Dominican Republic’s Pivot to China Paying Off?
• Pelegrín dice propuesta de embajador de China sobre puerto Manzanillo es alarmante
• PROYECTO DE LEY DE PRESUPUESTO GENERAL DEL ESTADO TOMO I Gobierno Central
• General State Budget Law
• Bill of General Budget of the state
• Volume I
• Law No. 506-19 that approves the General State Budget for the year 2020. G. O. No. 10965 of December 26, 2019.
• Remission of the Fiscal Year Budget Modification Bill 2021
• Report to the National Congress - Fiscal Year 2020: Analysis and Evaluation of the Budget Execution and the Presentation of General State Accounts
• Bill of General Budget of the State - Volume I
• Briunny Garabito Segura: DR intensifies promotion in China to boost development
• The Export-Import Bank of China and the Ministry of Finance of the Dominican Republic signed a Memorandum of Understanding on Cooperation Mechanism 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.