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Overview

Bank of China Kazakhstan provides KZT 13 billion loan to Kazakhtelecom JSC (Linked to Record ID#192004)

Commitments (Constant USD, 2023)$28,480,466
Commitment Year•2023Country of Activity•KazakhstanDirect Recipient Country of Incorporation•KazakhstanOverseas Jurisdiction•KazakhstanSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2023
Last repayment (originally scheduled)
Feb 23, 2026

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

  • JSC AB Bank of China Kazakhstan

Receiving agencies

State-owned companies

  • Kazakhtelecom JSC

Loan description

Bank of China Kazakhstan provides KZT 13 billion loan to Kazakhtelecom JSC

Grant element•0%Interest rate (t₀)•17.8%Interest type•Variable Interest RateMaturity•2.735 years

Narrative

Full Description

Project narrative

In June 2023, Kazakhtelecom JSC -- Kazakhstan's largest fixed-line telecommunication operator, which is 51% owned by Kazakhstani state-owned National Welfare Fund Samruk-Kazyna -- borrowed KZT 13,000,000,000 from a credit line agreement (see Record ID#192004) with JSC AB Bank of China Kazakhstan. The borrowing carried an interest rate equal to the base rate of the National Bank of the Republic of Kazakhstan (effective on the date of issue of the loan) plus a 0.5% margin (per annum), with the effective interest rate reported as 17.8%. The loan's final maturity date was set to February 23, 2026. Between January 1, 2023 and June 30, 2024, Kazakhtelecom JSC made a principal payment worth KZT 2,000,000,000 and an interest payment worth KZT 1,177,998,000.

Staff comments

1. The maturity has been estimated as 2.735 years, considering the estimated commitment date of June 1, 2023, and the final maturity date of February 23, 2026.