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China Eximbank provides loan for Tuna Fishing Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Kiribati Tuna Fishing Co., Ltd. |
| Country | Kiribati |
| Start Date | Jul 09, 2019 |
| End Date | Nov 28, 2031 |
| Duration | 4,525 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 96259 |
Grant Description
China Eximbank provides loan for Tuna Fishing Project On September 20, 2018, Zhejiang Ocean Family Co., Ltd (大洋世家) and the Government of Kiribati signed an agreement regarding potential cooperation in the fisheries sector.
Then, in February 2019, China's NDRC approved a proposal by Zhejiang Ocean Family Co., Ltd (大洋世家) to build five large-scale tuna fishing boats in Kiribati and carry out fishing operations in the waters of Kiribati.
Approximately one month later, on March 30, 2019, Zhejiang Ocean Family Co., Ltd and the Government of Kiribati signed a joint venture agreement to establish the Kiribati Tuna Fishing Co., Ltd. (基里巴斯金枪鱼捕捞有限公司，英文名称为). Kiribati Tuna Fishing Co., Ltd. was legally incorporated as a special purpose vehicle (SPV) on July 9, 2019.
It is jointly owned by Zhejiang Ocean Family Co., Ltd (51% equity stake) and the Government of Kiribati (49% equity stake) and responsible for implementing a Tuna Fishing Project. The total cost of the Tuna Fishing Project is RMB 1 billion and it is being financed with a mix of debt and equity.
China Eximbank issued a loan to Kiribati Tuna Fishing Co., Ltd., which is backed by a Sinosure credit insurance policy that provided $100 million of overseas investment (debt) insurance cover.
The purpose of the Tuna Fishing Project is to build five large-scale tuna fishing boats in Kiribati and carry out fishing operations in the waters of Kiribati. As of February 2023, there was no evidence of project implementation.
Staff Comments
- The precise monetary value of the China Eximbank loan that was issued for the Tuna Fishing Project is unknown. For the time being, AidData adopts the conservative assumption that the project is being financed according to a debt-to-equity ratio of 70:30, which implies that the face value of the China Eximbank loan is equivalent to RMB 700 million. This issue warrants further investigation.
- The precise date on which the China Eximbank loan was issued is unknown. For the time being, AidData assumes that the loan was issued at the time that the SPV was created (July 9, 2019). This issue warrants further investigation.
- Kiribati Tuna Fishing Co., Ltd. should not be confused with a separate SPV called Kiritimati Island Fish Limited (圣诞岛渔业有限公司), which is a joint venture of Zhejiang Ocean Family Co., Ltd (40% equity stake), the Government of Kiribati (30% equity stake), and Golden Ocean Fish (Fiji) Limited (30% equity stake). The groundbreaking ceremony for the Tarawa base fishing project being implemented by Kiritimati Island Fish Limited took place in September 2021. It is unclear how this project is being financed. This issue merits further investigation. See https://pdf.dfcfw.com/pdf/H2_AN202106281500540089_1.pdf and http://www.zheyu.cn/news_more.asp?id=438&classid=8.
- The Chinese project title is 基里巴斯远洋渔业捕捞项目 or 大洋世家渔业合作项.
Sources & References
- Grandall-RDI B&R Investment and Legal News Express Issue 04/2023
- 中国信保成功承保中国企业在基里巴斯最大金额投资项目
- 中国信保成功承保中国企业在基里巴斯最大金额投资项目
- 中国信保承保基里巴斯最大金额投资项目
- Grand-breaking Ceremony of OCEAN FAMILY Tarawa Fishing Base
- Ocean Family signs the JV agreement with Kiribati government
- Ocean family rescues three fishermen in Kiribati in distress China ’s distant-water fisheries friendship spread to Pacific island countries
- October newsletter
- 资讯列表-中山市走出去综合服务平台
- 大洋世家与基里巴斯政府签署合资协议
- 浙江大洋世家股份有限公司在基里巴斯投资新建5艘大型金枪鱼围网船项目经国家发展改革委核准
- 十年征程再出发 出口信用保险护航浙企“一带一路”建设
- 中国信保成功承保中国企业在基里巴斯最大金额投资项目
- ZHEJIANG OCEAN FAMILY CO. LTD AND ITS FISHY BUSINESS 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
Kiribati Tuna Fishing Co., Ltd.
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