Project ID: 33928

CNMIEC provides $74.5 million supplier’s credit for Rehabilitation, Renovation and Augmentation of 29 Grid Sub-Stations Project

Commitment amount

$ 191260054.80001068

Adjusted commitment amount

$ 191260054.8

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Bangladesh

Sector

Energy (Code: 230)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2000-04-25

Actual start

2005-10-01

Actual complete

2007-02-28

Geography

Description

On April 25, 2000, China National Electric Wire & Cable Import/Export Corporation (CNEWC) issued a $74.523 million supplier’s credit to the Bangladesh Power Development Board for the Rehabilitation, Renovation, and Augmentation of 29 Grid Sub-Stations Project. The supplier’s credit (loan) carried the following borrowing terms: a 16-year maturity, a 3-year grace period, and a 3.5% interest rate. The Government of Bangladesh issued a sovereign guarantee for this loan on July 27, 2000. CNEWC secured the funding to provide the supplier’s credit from an RMB 580 million export seller’s credit from China Eximbank. According to the Government of Bangladesh’s Economic Relations Division (ERD), the supplier’s credit had achieved a 100% disbursement rate ($74.523 million out of $74.523 million) but nothing had been repaid to the creditor as of June 30, 2018. According to the Government of Bangladesh’s ERD, the borrower had still not made any repayments as of June 30, 2021. The purpose of the project was to rehabilitate 29 grid substations and 819 kilometers of 132-kilovolt transmission lines and increase their capacity from 1100 to 2000 megawatts. CNEWC was the contractor responsible for project implementation. Construction work began in October 2005, and the project was successfully completed and handed over to the Bangladesh Power Development Board in February 2007.

Additional details

1. The Chinese project title is 29个变电站和819公里架空线项目提. 2. The Government of Bangladesh’s loan identification number for the supplier’s credit is S1120000425a. 3. China National Electric Wire & Cable Import/Export Corporation (sometimes referred to as China National Electric Import & Export Corporation (CNEIEC) is now known as China National Cable Engineering Corporation. 4. The Bangladesh Power Development Board is a government agency operating under the Ministry of Power, Energy and Mineral Resources, Government of the People's Republic of Bangladesh.

Number of official sources

12

Number of total sources

16

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Details

Cofinanced

No

Direct receiving agencies [Type]

Bangladesh Power Development Board (BPDB) [Government Agency]

Implementing agencies [Type]

China National Electric Wire and Cable Import and Export Corporation (CNEWC) [State-owned Company]

Bangladesh Power Development Board (BPDB) [Government Agency]

Guarantee provider [Type]

Government of Bangladesh [Government Agency]

Loan Details

Maturity

16 years

Interest rate

3.5%

Grace period

3 years

Grant element (OECD Grant-Equiv)

32.1599%

Bilateral loan

Investment project loan

Supplier's credit/Export seller's credit