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ICBC contributes $79.1 million to $97.1 million syndicated buyer’s credit loan for Tay Ninh Cement Plant Construction Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Building Materials Corporation No.1 (FICO) |
| Country | Viet Nam |
| Start Date | Jul 24, 2006 |
| End Date | Mar 22, 2028 |
| Duration | 7,912 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 64465 |
Grant Description
ICBC contribution to $97.1 million syndicated buyer’s credit loan for Tay Ninh Cement Plant Construction Project On July 24, 2006, the Industrial and Commercial Bank of China (ICBC) and BNP Paribas signed a $97 million synidcated loan agreement with Building Materials Corporation No.1 (FICO) — a Vietnamese state-owned enterprise — for the Tay Ninh Cement Plant Construction Project.
The loan was provided in two separate tranches: (1) $79.1 million buyer’s credit loan (BCL) insured by Sinosure and (2) an $18 million commercial loan with a 13-year term. The Vietnam Ministry of Finance also provided a guarantee.
The proceeds of the syndicated loan were to be used to partially finance an EPC contract between Tay Ninh Cement Joint Stock Company — a FICO subsidiary — and Tianjin Cement Industry Design and Research Institute Co., Ltd. (Sinoma TCDRI).
The purpose of the project was to construct a cement plant in Tan Hoa Commune, Tan Chau District, Tay Ninh with the capacity to produce 1.5 million tons of cement per year. Construction started on November 28, 2006. The plant was ignited and put into production in December 2008. It successfully produced, packaged, and shipped cement in April 2009.
It also obtained a pre-acceptance certificate from the project owner in October 2009. The project was officially handed over to the project owner and put into commercial operation on December 28, 2009.
Staff Comments
- The Vietnamese project title is Nhà máy Xi măng Tây Ninh or dự án Nhà máy xi măng Tây Ninh. The Chinese project title is 越南西宁水泥厂 or 包越南西宁水泥厂EPC项目.
- FICO holds a 60% ownership stake in Tay Ninh Cement Joint Stock Company. The Government of Vietnam holds a 51% ownership stake in FICO.
- For the time being, AidData assumes that monetary value of ICBC’s contribution is equivalent to the value of the Sinosure-backed loan tranche ($79.1 million).
Sources & References
- 中国工商银行首次为越南重点建设工程项目贷款
- International creditors offer huge loans to Tay Ninh Cement
- Vietnam
- 工行签署越南西宁水泥厂项目贷款协议
- Foreign banks finance $97m cement factory
- TAFiCO acquires Phuong Nam cement plant
- 中材集团天津院总承包的越南西宁水泥厂正式移交
- Về FICO-YTL
- Gần 100 triệu USD cho dự án Nhà máy xi măng Tây Ninh
- Gần 100 triệu USD cho dự án Nhà máy Xi măng Tây Ninh
- 天津水泥院总承包的越南西宁水泥厂动工
- 天津院总承包越南西宁水泥厂EPC项目达标
- 中国信保支持一带一路 一季度承保规模达263亿美元
- Vietnam on target with state-ownership re-definition
- BUILDING MATERIALS CORPORATION NUMBER 1 COMPANY LIMITED
- FICO 2017 Consolidated Financial Statement 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.
All Grantees
Building Materials Corporation No.1 (FICO)
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