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China Eximbank provides loan for Phase 2 of BelGee Passenger Car Plant Construction Project (Linked to Record ID#66460)
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | BelGee CJSC |
| Country | Belarus |
| Start Date | Nov 17, 2017 |
| End Date | Feb 03, 2031 |
| Duration | 4,826 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 66301 |
Grant Description
China Eximbank provides loan for Phase 2 of BelGee Passenger Car Plant Construction Project On May 10, 2015, China Eximbank and the Ministry of Finance of the Government of Belarus signed a $158.7 million preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK No РВС (2015) 10 (352)] for the Phase 1 of the BelGee Passenger Car Plant Construction Project.
The PBC carried a maturity of 12-years, but its interest rate and grace period are unknown.
It is known that the Ministry of Finance of the Government of Belarus on-lent the PBC proceeds to a joint venture called BelGee CJSC (or BelGi CJSC or SZAO BelGee or СЗАО «БелДжи») and the Government of Belarus’ Ministry of Industry agreed to serve as the guarantor of the loan.
Also, on May 10, 2015, China Eximbank issued an additional $88 million loan — with a 10-year maturity — to BelGee CJSC for Phase 1 of BelGee Passenger Car Plant Construction Project. Geely Automobile Holdings Limited issued a guarantee for this loan.
The proceeds of the $88 million loan (captured in Record ID#66304) and the PBC (captured in Record ID#66460) were used by BelGee CJSC — a joint venture of OJSC BELAZ (58.471% ownership stake), Zhejiang Jirun Automobile Co.
Ltd. (36.284% ownership stake), SZAO Soyuzavtotekhnologii (2.97% ownership stake), and CITICC International Investment Limited (2.275% ownership stake) that was established on December 23, 2011 — to finance a $300 million commercial (EPC) contract that it signed with CITIC Construction in March 2015.
The purpose of Phase 1 was to build a passenger car assembly plant — with welding, painting and assembly shops — in Great Stone Industrial Park within the Borisov District of Minsk.
Upon completion of Phase 1, it was envisaged that the passenger car assembly plant would have a production capacity of 60,000 cars (Geely Atlas NL3) per year. CITIC Construction was the EPC contractor responsible for implementation. Construction began in May 2015 and ended in July 2017. The opening of the plant took place on November 17, 2017.
At the time, it reportedly employed 1300 people (mostly local residents).
On November 17, 2017, China Eximbank and BelGee CJSC also signed a loan (captured in Record ID#66301) for Phase 2 of the BelGee Passenger Car Plant Construction Project.
Phase 2, which seeks to expand the production capacity of the plant from 60,000 to 120,000 cars per year, commenced on the very same day.
Staff Comments
- The face value and borrowing terms of the loan are unknown.
- This project is also known as Phase II of the Geely Auto Plant for Passenger Car Production Project or the Phase II Project of the Geely Joint-Venture Car Plant Project. The Chinese project title is 白俄罗斯吉利汽车厂二期项目.
- None of the China Eximbank loans that supported Phase 1 and Phase 2 of the BelGee Passenger Car Plant Construction Project are included in the Overseas Development Finance Dataset published by Boston University’s Global Development Policy Center in December 2020.
Sources & References
- 宫大使前往吉利(白俄罗斯)汽车有限公司调研
- 进出口银行融资助白俄罗斯圆汽车梦
- Geely, БелАЗ и шпионаж. Экономист рассказал, зачем китайцы построили завод «БелДжи»
- The Chinese People’s Republic Investment Engagement in Belarus and Ukraine after 2010, 1 1/14/2019 Oral News_China Export-Import Bank www . E x p o r t -I m p o r t B a n k fi n a n c i n g h e l p s B e l a r u s r o u n d c a r d r e a m
- Introduction to Two Concessional Loan
- 白俄罗斯吉利汽车生产线项目
- 白俄罗斯吉利汽车生产线项目
- 中信建设白俄罗斯吉利汽车生产线项目荣获中国建设工程鲁班奖
- Belarusian BELGEE Passenger Car CKD Plant Project
- Belarusian President witnesses first car produced by BELGEE Passenger Car CKD Plant, О предприятии
- CITIC projects/ Business overview, Инвестиционная деятельность в Республике Беларусь, О соглашениях, заключенных в ходе визита Председателя КНР Си Цзиньпина в Республику Беларусь, СЗАО 'БелДжи' получает кредит в $158,7 млн от Экспортно-импортного банка Китая, ПЕРЕЧЕНЬвнешних государственных займов, обслуживание и погашение которых осуществляются с привлечением средств республиканского бюджета ( LIST of external government loans, servicing and repayment of which are carried out with the involvement of funds from the republican budget), - Законодательство Беларуси 2021 год, О некоторых вопросах реализации кредитного соглашения с Экспортно-импортным банком Китая, Рабочий визит президента корпорации CITIC Construction
- Belarus to Europe, via China
- GEELY Annual Report 2019
- 新华社明斯克2月24日电 专访：白中汽车合作项目促进当地经济发展——访白俄罗斯吉利汽车股份有限公司总经理斯维德尔斯基
- 中国与白俄罗斯首个汽车合资项目成为互利共赢的典范
- 通讯：从为国人造车到帮助欧洲国家实现国产轿车梦——记白俄罗斯吉利汽车项目投产一周年
- China's Overseas Development Finance
- WHITE PAPER ON GREEN FINANCE AND SOCIAL RESPONSIBILITY THE EXPORT-IMPORT BANK OF CHINA
- 重大项目 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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BelGee CJSC
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