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Overview

CDB provides RMB 1.18 billion loan to National Bank for Foreign Economic Activity of the Republic of Uzbekistan for Phase 1 of Public Transport Bus Acquisition Project

Commitments (Constant USD, 2023)$166,675,445
Commitment Year•2023Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 17, 2023
First repayment (originally scheduled)
May 16, 2024
Last repayment (originally scheduled)
May 14, 2033

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 Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)

Implementing agencies

State-owned Banks

  • National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)

Loan description

CDB provides RMB 1.18 billion loan to National Bank for Foreign Economic Activity of the Republic of Uzbekistan for Phase 1 of Public Transport Bus Acquisition Project

Grace period•1 yearsGrant element•19.7012%Interest rate (t₀)•4.8%Interest type•Fixed Interest RateMaturity•10 years

Narrative

Full Description

Project narrative

On May 17, 2023, China Development Bank (CDB) and National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) signed an RMB 1,180,136,158 loan agreement for Phase 1 of the Public Transport Bus Acquisition Project. The loan carries a 10-year maturity, a 1-year grace period, and an unknown interest rate. The proceeds of the loan are to be used by the borrower to finance the purchase of 1,000 environmentally-friendly passenger buses and electric buses. By June 2023, the loan had reportedly fully disbursed. By early 2025, At present, all of the buses had been delivered. After these vehicles were put into use, the average waiting time for passengers on the main bus lines in Tashkent city reportedly fell from 25 minutes to less than 10 minutes.

Staff comments

1. As of August 2024, the NBU website stated that its RMB-denominated CDB borrowings were based on a fixed interest rate of 4.8% (https://nbu.uz/en/small-business/foreign-credit-lines/). As such, AidData assumes that the interest rate of the (May 2023) RMB-denominated loan from CDB to NBU was equal to 4.8%. This issue warrants further investigation. 2. CDB refers to this loan as the first of two loans for two phases of the Public Transport Bus Acquisition Project (see https://www.cdb.com.cn/xwzx/khdt/202501/t20250102_12280.html and https://xinjiang.chinatax.gov.cn/xwdt/ztzl/ydyl/202303/t20230330_113179.htm). 3. The Chinese project title is 塔什干新能源公交车项目.