ANNOUNCEMENT 11 Jul 2014In July 2014, the government of Germany announced a change in the required local inputs to serve domestic customers and a change in its trade finance instruments.
NUMBER OF INTERVENTIONS
On 11 July 2014, the German Eximbank KfW announced it would provide an export credit worth 265 million USD for the construction of the San Gabriel CCP power plant in the Philippines. According to KfW's press release, "the proceeds of the loan will be used to primarily finance the eligible German and other goods and services under its Equipment Supply Contract. The highly-productive plant with an efficiency level of over 60 per cent will utilize equipment and parts supplied by the German company Siemens AG through the Equipment Supply Contract. Its Philippine subsidiary, Siemens Inc., will act as general construction contractor of the plant while another subsidiary, Siemens Power Operations, Inc., will serve as operator."
The credit recipient is the First Gen Corporation. Furthermore, the export credit will be guaranteed by the German government and it will have a tenor of 14 years.