Active Mixed AidData Chinese Aid

CBMI Construction Co., Ltd. provides $31.9 million supplier credit for Al Badia Cement Plant Project

$31.95M USD

Funder	CBMI Construction Co., Ltd. (Sinoma)
Recipient Organization	Al Badia Cement Company LLC
Country	Syrian Arab Republic
Start Date	Jun 09, 2008
End Date	Dec 25, 2029
Duration	7,869 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`65069`

Grant Description

CBMI Construction Co., Ltd. provides $31.9 million supplier credit for Al Badia Cement Plant Project On June 9, 2008, CBMI Construction Co., Ltd and the Al Badia Cement Company (or Al Badia Cement JSC) — a private company — signed an agreement regarding a $31,947,204 supplier credit (loan) for the Al Badia Cement Plant Project.

📋 Loan / Grant Terms

💰 Loan Amountcarried a 6

💹 Interest Rate6.5%

However, its grace period is unknown.

The payment of the loan and the accumulated interest was scheduled to take place over thirty equal monthly payments, starting on June 1, 2011 and ending on November 1, 2013.

The proceeds of the loan were to be used by the borrower for the construction and operation of the Al Badia Cement Plant in Abu Al Shamat — 80 km east of the city of Damascus — as well as the training of staff at the plant. Upon completion, the plant was expected to generate 3.2 millions of cement each year.

Construction began in September 2008 and a formal groundbreaking ceremony took place on May 25, 2009. Plant ignition took place on December 23, 2010, 40 days ahead of schedule.

Al Badia Cement Company signed a PAC (Provisional Acceptance Certificate) on June 7, 2011, certifying that CBMI Construction Co., Ltd had completed the works at Al Badia Cement Production line #1 and the installations were ready for handover to the project owner (Al Badia Cement Company).

Chinese personnel were still involved in the construction process as late as November 6, 2011, when the Chinese Ambassador to Syria visited the construction site.

However, due to the deteriorating security situation in Syria, CBMI Construction Co., Ltd abandoned the project in 2011/2012 and it reportedly failed to honor some of its contractual obligations.

CBMI Construction Co., Ltd and the Al Badia Cement Company later negotiated a settlement whereby Al Badia Cement Company would repay CBMI Construction Co., Ltd only $15 million. As of December 31, 2018, the plant was operational despite various obstacles over several years.

According to an 2015 Annual Report published by the Al Badia Cement Company, as of December 31, 2015, it had paid CBMI and a second contractor (ASEC) 232,867,983 SYP in exchange for the contracts to build and operate the factory. In 2016, ISIS militants kidnapped 300 workers from the Al Badia Cement Plant.

📋 Staff Comments

This project is also known as the Al-Badia Cement Plant Project or the ABC Project. The Chinese project title is 巴迪亚水泥厂or 叙利亚阿尔巴迪亚水泥厂 or 阿尔巴迪亚水泥厂 (ABC). The Arabic project title is مصنع إسمنت البادية or شركة اسمنت البادية. CBMI Construction Co., Ltd is an affiliate of Sinoma International Engineering Co., Ltd , which is a central government-administered enterprise directly under the administration of the State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China. Al Badia Cement Company is a Public Joint Stock Company established by Decree No.2465 dated June 1, 2006 in accordance with the Syrian Investment Law No. 10 of the year 1991 and its amendments, which exempts the Company from income tax for a period of five years commencing from the date of production or investment, which is earlier. The Company was registered under Damascus Countryside Commercial Registry No.8593 on September 3, 2008. AidData has estimated the maturity length of the supplier’s credit (loan) counting the number of years between the loan signature date (2008) and the loan maturity date (2013).

📚 Sources & References

贾庆林考察中国承建的巴迪亚水泥厂
驻叙利亚大使张迅视察中材建设有限公司叙阿尔巴迪亚水泥厂项目
Annual Report 2016
Annual Report 2015, البيانات المالية وتقرير مدقق الحسابات المستقل للسنة المنتهية في ٣١كانون الأول ٢٠١٨
Cooperation · Development · Friendship—Jia Qinglin inspects Badia Cement Plant
中国材料建设有限公司在叙承建一水泥厂项目
A high-level governmental Chinese Delegation visits Al Badia Cement Plant
驻叙利亚大使张迅视察中材建设有限公司叙阿尔巴迪亚水泥厂项目, نحو 13 مليار ليرة خسائر شركة إسمنت البادية في سورية خلال عام 2017, في أول زيارة لرئيس سوري إلى الصين العلاقات الصينية السورية تدخل مرحلة جديدة, جيا تشينغلين يتفقد مصنع إسمنت البادية الذي بناه مقاول صيني
Al Badia Cement Plant
Profile
Downloads
Annual Report 2015
AL BADIA CEMENT COMPANY (A Joint Stock Company) Damascus
Syrian Arab Republic, جيا تشينغلين في مقابلة مع الوكالة العربية السورية للأنباء وصحيفة البعث السورية
贾庆林考察中国承建的巴迪亚水泥厂
叙水泥厂300多人遭IS绑架项目由中材承建
贾庆林在叙利亚考察中国公司承建的巴迪亚水泥厂
Jia Qinglin and his party inspected the construction site of Albadia (ABC) Cement Plant
Annual Report 2008
Sinoma International International Engineering Co Ltd Engineering Co.
Ltd.
ISIS Abducts Workers From Cement Factory in Syria
Achievement
CBMI Presentation - Final Version EN
Highlights
The ABC project in Syria
Key Figures & Important Events, العطري يدشن بدء تشييد مصنع أسمنت البادية https://www.alraimedia.com/article/118094/اقتصاد/العطري-يدشن-بدء-تشييد-مصنع-أسمنت-البادية 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.