CRMASC provides $18.8 million supplier’s credit to Pakistan Railways for procurement of 52,000 metric tons of railway material
Commitment amount
$ 47062736.24080714
Adjusted commitment amount
$ 47062736.24
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Pakistan
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On April 23, 2002, a $22.152 million contract for the procurement of 52,000 metric tons of railway material was signed by Pakistan Railways (PR) and China Railways Materials and Supplies Corporation (CRMASC). The contract was signed by Saeeduz Zafar, Chairman of the PR Board, and Liu Guoping, Vice President of the CRMASC. 15% of the contract amount would be financed by the Pakistan government while the remaining US$18.8292 million would be financed through a supplier's credit from CRMASC. China Eximbank provided an export seller’s credit to CRMASC to provide it with the funding necessary to offer a supplier’s credit to PR. The rails that were procured were heavier than the existing rails of the PR. The usage of these rails was designed to permit the operation of trains at a higher speed, and enhance load capacity.
Additional details
According to a 2010 media report, CRMASC successfully exported the railway material to PR, so we have status-coded the project as complete. CRMASC is now known as China Railway Materials Group Corporation.
Number of official sources
0
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
China Railways Materials and Supplies Corporation [State-owned Company]
Indirect receiving agencies [Type]
Pakistan Railways [State-owned Company]
Implementing agencies [Type]
Pakistan Railways [State-owned Company]
China Railways Materials and Supplies Corporation [State-owned Company]