Bank of China provides loan for Sewing Machine Electric Motor Project

Funder	Bank of China (BOC)
Recipient Organization	Fang Zheng (Vietnam) Founder Motor Co. Ltd.
Country	Viet Nam
Start Date	Jan 01, 2016
End Date	Dec 06, 2028
Duration	4,723 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`63674`

Grant Description

Bank of China provides loan for Sewing Machine Electric Motor Project According to a 2016 China Daily press release, Bank of China (BOC) issued a loan to Fang Zheng (Vietnam) Founder Motor Co.

Ltd. — a wholly owned subsidiary of Zhejiang Founder Motor Co Ltd — for a Sewing Machine Electric Motor Project in Long Giang Industrial Park.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

However, it is known that Zhejiang Founder Motor Co Ltd issued a corporate guarantee for the loan worth no more than $3 million. The nature and status of project implementation is unclear.

📋 Staff Comments

1. The Chinese name for Fang Zheng (Vietnam) Founder Motor Co. Ltd. is 方正电机(越南)有限公司.

📚 Sources & References

浙江方正电机股份有限公司2015年度报告摘要
中国银行支持中国“走出去”企业赴越南凭借优势资源打造强势企业【中国日报网】 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.