Kuantan Industrial Park, the joint industrial park established between China and Malaysia, has drawn about 1 billion U.S. dollars worth of loans from Chinese bank consortium for its steel plant project.
Kuantan Industrial Park, officially launched on February 5, 2013, is the first industrial park set by China in Malaysia and also a flagship project.
The modern integrated steel plant, the first one settling in the park, is scheduled to become operational in 2017, with an annual production capacity of 3.5 million tons.
The project involves a total investment of 1.4 billion U.S. dollars and is expected to generate over 1.9 billion U.S. dollars worth of sales revenues.
According to the financing plan, China Construction Bank, the Export-Import Bank of China, the Agricultural Bank of China have formed a bank consortium, and provided 664 million U.S. dollars and 2 billion yuan of loans for the project.
China Construction Bank and the Export-Import Bank of China serve as leading banks in the consortium, while the first one also works as an agent bank for loans and settlement.
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