ICBC pledges loan for sugar factory in Gorgol

Funder	China (People's Republic of)
Recipient Organization	Mauritania
Country	Mauritania
Start Date	Jul 27, 2015
End Date	Sep 06, 2028
Duration	4,790 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`60734`

Grant Description

ICBC pledges loan for sugar factory in Gorgol During the No.5 Conference of High-level Dialogue between Chinese and African Leaders and Business Communities in Johannesburg 2015, Industrial and Commercial Bank of China (ICBC) and the Government of Mauritania signed a financing framework agreement for a sugar plant in Mauritania.

The financing framework agreement identified a possible ICBC loan for the Mauritanian Sugar and Derivatives Company (Comasud) Sugar Project.

Then, in October 2017, Chinese state-owned company Hunan Construction Engineering Group Corporation signed a contract with the Mauritanian Sugar Company to implement the refinery sugar plant project in the province of Gorgol. The total cost of the project is about $380 million. Comasud will cover 15% of the cost.

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.