Emergency Program for Supporting China’s Economic Recovery from COVID-19 (NDB-CHINACOVID)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • China
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • New Development Bank (NDB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Completed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 26, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of China
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Education and Health
  • Humanitarian Response
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1,080.43 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 7000
Converted using 2021-02-26 exchange rate.
Loan Amount (USD)
$ 1,080.43 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 7000
Converted using 2021-02-26 exchange rate.
Project Cost (USD)
$ 3,503.68 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 22700
Converted using 2021-02-26 exchange rate.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ NDB website

Updated in EWS Feb 28, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the NDB, based on the stage of economic recovery in China at that time, the Program has supported China’s urgent need to restore production and create jobs. To reinforce the efforts and achievements made by the Government, it has also extended support to sustainable development of China’s economy over the long term. The loan proceeds were utilized for projects in the sectors directly hit by the COVID-19 pandemic such as trade, logistics, agriculture, health, labor intensive infrastructure sectors, as well as innovative and hightech infrastructure promoted by the Chinese Government to sustain recovery, and to support sustainable development.

The Loan is to support the Government’s priorities for economic recovery efforts in response to COVID-19. The intervention aimed to: i) support restoration of production capacity in key sectors adversely affected by the pandemic; and ii) reinforce early economic recovery, including through further infrastructure development to continuously enhance economic growth and employment.

Through supporting the Government’s prioritized sectors, the Program has contributed to mitigating the adverse impacts of COVID-19 on Chinese economy. More specifically, the Program has helped in reviving economic activities and resuming productivity in the key sectors, and consequently generate employment opportunities in the near term. In addition to supporting China’s urgent needs for the economic recovery, the Program has also helped to achieve sustainable economic development over the medium- to longer-term and contribute to full restoration and further development of supply chains, as well as development of important “21st century infrastructures” (New Infrastructure Initiative).

Export-Import Bank of China (EximBank) and the Agricultural Development Bank of China (ADBC) were the Implementing Agencies (IAs) for the Program. The Loan was provided to Ministry of Finance, which was then on-lend to EximBank and ADBC. The two banks, in turn, have used the loan proceeds to provide loans to projects in the eligible sectors. The IAs have taken overall responsibility for the Program’s implementation, ensuring timely disbursement and strict compliance of the use of the funds. The implementation arrangement maximized the envisaged impacts of the Program through on-lending by the leading development banks in China.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by Bloomberg, The Export-Import Bank of China operates as a government development bank. The Company provides loans, guarantee, settlement, deposits, financial consultancy, and other bank related services for import and export enterprises. The Export-Import Bank of China offers services worldwide.

Agricultural Development Bank of China provides banking services. The Company offers deposits, poverty alleviation loans, agricultural loans, financing, and other services. Agricultural Development Bank of China offers services for agriculture, infrastructure construction, water conservancy, and other public fields.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

NDB Team Leader:

Diyun Wang - Project Portfolio Management Department

No contacts provided at the time of disclosure.

Borrower - Ministry of Finance:

Biao Guo
mof_operation1@mof.gov.cn

Implementing Agencies -

Export-Import Bank of China (EximBank):

Yao Lv
lvyao@eximbank.gov.cn

Agricultural Development Bank of China (ADBC):

Jing Zhang
fx-credit1@adbc.com.cn

ACCESS TO INFORMATION

You can submit an information request for project information though a form at the bottom of the following webpoage https://www.ndb.int/about-us/contact-us/. Alternatively, you can send an e-mail to info@ndb.int. 

ACCOUNTABILITY MECHANISM OF NEW DEVELOPMENT BANK

The New Development Bank (NDB) does not currently have an independent accountability mechanism to accept complaints related to NDB-financed projects. The Bank does have a whistleblower mechanism that receives complaints about misconduct related to corruption, fraudulent practices and instances of money laundering in projects financed by the NDB and/or against the NDB staff members. To learn more about the whistleblower mechanism and how to file a complaint, access this webpage at: https://www.ndb.int/about-us/whistleblowing/.

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How it works