Completed Development AidData Chinese Aid

ICBC participates in EUR 75 million syndicated loan for Phase 1 of Aluminum Wheel Production Facility Project

€75M EUR

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Citic Dicastal Africa
Country	Morocco
Start Date	Jan 01, 2018
End Date	Nov 29, 2030
Duration	4,715 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`95402`

Grant Description

ICBC contribution to EUR 75 million syndicated loan for Phase 1 of Aluminum Wheel Production Facility Project in 2018 In 2018, a syndicate of Chinese banks (including the Hunan Branch of ICBC) signed an EUR 75 million loan agreement with Citic Dicastal Africa — a special purpose vehicle and wholly-owned subsidiary of Citic Dicastal Co., Ltd — for Phase 1 of the Aluminum Wheel Production Facility Project.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

The purpose of the project was to construct an aluminum wheel production facility in the Atlantic Free Zone within Kenitra. Citic Dicastal Co., Ltd was the EPC contractor responsible for implementation. Phase 1 commenced on September 10, 2018. The first aluminum alloy wheel was produced on May 25, 2019.

The facility was officially commissioned on June 26, 2019.

📋 Staff Comments

This project is also known as the Twin Aluminium Wheel Plants Project and CITIC Dicastal’s Three-Million-Unit Capacity Plant (Phase One) Project. The Chinese project title is 中国中信戴卡摩洛哥铝车轮生产基 or 中信戴卡摩洛哥铝车轮生产基地一期在 or 戴卡摩洛哥轻量化轮毂项目.
For the time being, AidData assumes that all members of the loan syndicate are Chinese state-owned banks (see https://www.dropbox.com/s/mnhhft8u9eamzwr/Boya%20Shen%20_%20People%20_%20Mayer%20Brown.pdf?dl=0). This issue warrants further investigation.
The project’s second phase commenced on November 25, 2019 and concluded on December 26, 2020. The project’s third phase commenced in February 2022. It is unclear how Phase 2 and Phase 3 were financed. This issue merits additional investigation

📚 Sources & References

中企摩洛哥铝轮毂生产基地正式投产, “树立摩中合作的典范”
驻摩洛哥大使李立出席中信戴卡摩洛哥铝车轮生产基地一期投产仪式
CITIC Dicastal Co.
Ltd.
Chinese Citic Dicastal Group Invests $192 Million in 3rd Factory in Morocco's Kenitra
THE CHINESE GROUP CITIC DICASTAL AND THE MOROCCAN STATE SIGN AN INVESTMENT AGREEMENT FOR AN INDUSTRIAL PROJECT IN THE AUTOMOTIVE SECTOR
CITIC Limited Half-Year Report 2021
年度報告 2020, 00267.HK中信股份
中國中信股份有限公司
中企摩洛哥铝轮毂生产基地正式投产
李心球副厅长考察戴卡摩洛哥轻量化轮毂项目, 2019 Annual Report
CITIC Limited Annual Report
Dicastal Morocco Africa
Boya Shen
Hallam Chow
驻摩洛哥大使李昌林出席中信戴卡摩洛哥铸件工厂开工仪式 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.