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CSYIC offers $40 million loan for Ngardmau Port Development Project
| Funder | China Shenyang International Economic & Technical Cooperation Co,. Ltd. (CSYIC) |
|---|---|
| Recipient Organization | Government of Palau |
| Country | Palau |
| Start Date | Sep 05, 2009 |
| End Date | Sep 07, 2029 |
| Duration | 7,307 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 65153 |
Grant Description
CSYIC offers $40 million loan for Ngardmau Port Development Project On August 5, 2009, the Shenyang International, Economic & Technical Cooperation Corporation City Government (CSYIC) agreed in principle to issue a $40 million loan to the Government of Palau.
The proceeds of the loan were to be used by the borrower to develop Ngardmau port into an international commercial port. The representative from CSYIC, Mr. Narciso D.
Cauguiran Jr., was accompanied by a delegation from Truk Pacifica Development Corporation, which was prepared to conduct a $100,000 feasibility study for this project.
On September 13, 2010, the Palau Senate voted to approve $100,000 for a project feasibility study in order to secure the $40 million loan.
On April 16, 2010, it was reported that the same company, CSYIC, was prospecting for oil in Palau, and the alleged deal for the Ngardmau Free Trade Zone was based on a 'false rumor'.
On July 20, 2011, it was reported that the deal fell through after Palau took in Uighur refugees against China's wishes.
Sources & References
- CHINA OFFERS $40 MILLION ‘SOFT’ LOAN TO PALAU
- Something from 2009 to reflect upon.
- CHINA TURNS BACK ON PALAU OVER UIGHURS
- CHINA COMPANY SEEKS INVESTORS IN PALAU OIL
- Palau Lawmakers Ok $100,000 For Seaport Study
- Chinese investors to invest $40M, but wants ROPGov to pay them $100K to do feasibility study 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.
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Government of Palau
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