Overview

Bank of China provides $25.4 million loan for Tuushin Hotel Project

Commitments (Constant USD, 2023)$26,049,051

Commitment Year•2014Country of Activity•MongoliaDirect Recipient Country of Incorporation•MongoliaOverseas Jurisdiction•JapanSector•Trade Policies And RegulationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 13, 2014

Geospatial footprint

Map overview

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This project is to provide a $25.4 million loan for the Tuushin Hotel Project. More detailed locational information can be found at: https://www.openstreetmap.org/way/220892269

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

Bank of China (BOC)

Receiving agencies

Private Sector

Tuushin Group

Loan description

2014 Bank of China provides $25.4 million refinancing loan to Tuushin Group for the Tuushin Hotel Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 13, 2014, the Tokyo Branch of Bank of China and Tuushin Group — the first transport brokerage company in Mongolia — signed a USD 25.4 million loan agreement to refinance the Tuushin Hotel Project. The Tuushin group originally received the loan in from the Trade Development Bank of Mongolia and requested to transfer the loan to the Bank of China in 2012. The Bank of China and the Trade Development Bank of Mongolia signed an agreement to refinance the loan through Bank of China's Tokyo Branch. The purpose of the project was to refinance the five-year loan that Tuushin Group acquired from the Trade Development Bank of Mongolia. The loan was originally used to finance the development of the Best Western Premier Tuushin Hotel in Ulaanbaatar, Mongolia.

Staff comments

1. The original construction financing came from the Trade Development Bank of Mongolia; this record covers the refinancing transaction only. As such, there is no physical implementation evidence beyond the signing of the refinancing agreement. 2. The sector is coded as 330 to reflect the purpose of the underlying hotel project. 3. Loan terms (maturity, grace, interest rate) were not disclosed.