Overview

ICBC contributes to $1.2 billion syndicated loan to Navoi Mining and Metallurgical Company to finance general corporate goals and an investment program

Commitments (Constant USD, 2023)$161,986,136

Commitment Year•2022Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanOverseas Jurisdiction•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 26, 2022

Last repayment (originally scheduled): Jul 25, 2027

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This project was a syndicated loan to Navoi Mining and Metallurgical Company, headquartered at Navoiy St 27, Navoi, Navoiy Region, Uzbekistan. More detailed locational information can be found at: https://www.openstreetmap.org/way/172452669

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

ICBC Standard Bank PLC

Cofinancing agencies

Private Sector

Citibank, N.A.
Credit Suisse AG
Deutsche Bank AG
Halyk Savings Bank of Kazakhstan JSC (HSBK)
JP Morgan
Société Générale S.A. (SocGen or Societe Generale)

Receiving agencies

State-owned companies

Navoi Mining and Metallurgical Complex Company

Loan description

ICBC contribution to $1.2 billion syndicated loan to Navoi Mining and Metallurgical Company

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On July 26, 2022, Navoi Mining and Metallurgical Company Joint Stock Company (NMCC JSC) -- an Uzbek state-owned enterprise (SOE) -- received a 5-year, $1.2 billion unsecured syndicated loan from seven international banks: JPMorgan Chase, Citibank, Société Générale, Credit Suisse, ICBC Standard, Deutsche Bank, and Kazakhstan’s Halyk Savings Bank. Navoi Mining and Metallurgical Joint Stock Company reports the funds will be used to finance general corporate goals and an investment program. The exact loan terms are unknown.

Staff comments

1. The exact size of ICBC’s financial contribution to the $1.2 billion syndicated loan is unknown. For the time being, AidData assumes that all seven members of the lending syndicate contributed equal amounts ($171,428,571.429). 2. Navoi Mining and Metallurgical Company JSC (NMMC) is owned by the Republic of Uzbekistan and is controlled by the Cabinet of Ministers. NMMC is the largest industrial enterprise in Uzbekistan and one of the world's top ten gold producers. The company's most important gold ore deposits are in the Kyzyl Kum Desert, where it operates the Muruntau mine, the world's largest open-pit gold mine.