Displaying items by tag: Bank of China

Zambia: BBMG Corporation and Tangshan Jidong Cement have resumed work on the development of a cement plant in Zambia, which requires a total investment of US$290m. The facility will produce 3000t/day of clinker and have a cement capacity of 1.3Mt/yr.

Up to 60% of the funding will be secured from Bank of China (BOC), the International Finance Corporation (IFC) and South Africa-based Nedbank. Aside from the 20% project capital that has been invested by the project owners, Tangshan Jidong Cement will raise the remaining 20% funding from other banks after February 2019.

The original contract was made prior to 2015 between Tangshan Jidong Cement and Zambia-based Suhails International Ltd. and the cement plant was supposed to commence operations by the end of 2017. The IFC also launched due diligence at the beginning of 2015, according to reports published by Hebei government website and Tangshan local media. In April 2015 regulators from China and Zambia approved the project. However it was delayed due to the restructuring of Tangshan Jidong Cement.