Chinese bank grants loans to tire plant in Saudi Arabia
The Export-Import Bank of China announced May 16 that it had signed a credit agreement with regard to the Advanced Tire Factory Program in Saudi Arabia.
It is the first tire manufacturing plant program in Saudi Arabia, which is planned to construct a modern factory with annual capacity of 1.8 million radial tires for passenger cars and light trucks.
It is one of the programs of the Saudi Vision 2030 and received strong support by the Saudi government.
China CAMC Engineering Co., Ltd. will participate in the investment and operation of the program.
The program is expected to fill the blank of tire industry in the Gulf and further facilitate the bilateral capacity cooperation between China and Saudi Arabia.
On May 15, China CAME Engineering and Saudi Arabia-based Tijan Petroleum Co., Ltd. inked a business agreement with regard to a tire plant program in Morocco.
According to the agreement, the Chinese firm will construct a semi-steel radial tire plant for passenger cars and light trucks in Kenitra, Morocco, with a designed capacity of three million tires, and the construction will be finished in 30 months.
In addition, the firm had constructed a radial tire plant with annual capacity of 300,000 tires in Myanmar during 2007-2010.
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