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Overview

CITIC group loans 200 million USD to Uzbekistan for the construction of the Sergeli underground line

Commitments (Constant USD, 2023)$464,504,348
Commitment Year•2001Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 1, 2001
Last repayment (originally scheduled)
Dec 30, 2010

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

  • China CITIC Bank Corporation Limited

Receiving agencies

Government Agencies

  • Government of Uzbekistan

Implementing agencies

State-owned companies

  • CITIC Construction Co., Ltd.

Loan desecription

CITIC group loans 200 million USD to Uzbekistan for the construction of the Sergeli underground line

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

In June 2001, CITIC group offered to fund the project through export buyer's credit (a loan) of $200 million USD with an 8-10 year maturity, which represents 90% of the total cost of this project. The loan would enable CITIC to supply equipment for the construction of the Sergeli underground line in Tashkent. The proposed equipment included a centralized train dispatching system, technical devices, and 40 cars for the new line. Construction was to begin in 2004-2005. The length of the line would be 8 km, with six stations from the Sobir Rahimov station to the Sergeli residential area. On November 29th, 2016, the President of the Republic of Uzbekistan issued a Decree entitled “On measures for the implementation of the project “Construction of the Sergeli line of the Tashkent Metro” (No. PP-2664). This decree stated that 5 stations of the new Sergeli metro line—to be 7.0 km long—would be built and put into operation in December 2020. Design work began in 2017, with actual construction beginning in 2018. The line was launched on December 26th, 2020. The project ultimately stretched 6.94 km and had 5 stations. Construction costs totaled 60.5 million USD; these were financed via credit from China Exim Bank.