China Eximbank provides $42.17 million loan for Electric Locomotive Acquisition Project (linked to #40070)

In 2012, China Eximbank agreed to loan $42,170,520.21 in export buyer's credits to National Bank for Foreign Economic Affairs of the Republic of Uzbekistan for the Electric Locomotive Acquisition Project. The proceeds from this loan were used to support a $47.3 million contract (that was finalized in December 2011) between Uzbekistan Railways SJSRC and a consortium consisting of China National Technical Import & Export Corporation (CNTIC) and CNR Dalian Locomotive and Rolling Stock Co. Ltd (CNR DLRC) for the purchase of 11 electric freight locomotives. The China Eximbank loan carried the following terms: 20 year maturity, 5 year grace period, interest rate of 2.25%, commitment fee of 0.3%, and management fee of 0.3%. The Government of Uzbekistan provided a sovereign guarantee for this loan. On February 11, 2014, CNTIC and CNR DLRC delivered the 11 electric freight locomotives to Uzbekiston Temir Yollari State Joint-Stock Railway Company (Uzbekistan Railways SJSRC). The locomotives were customized for use around Uzbekistan's capital of Tashkent (and on the Marakand-Qarshi-Termez railway line), where temperatures can drop to minus 20 degrees Celsius in winter. The cars can withstand temperatures as low as minus 30 degrees Celsius. They are produced in line with the Russian gauge of 1,520 mm, featuring high tractive power and environmentally friendly operation with a design speed of 120 km per hour. This is the second locomotive acquisition project in Uzbekistan. The first project is captured in #40070.

Additional details

The Russian name of this project is "Обновление парка локомотивов ГАЖК "Узбекистон темир йуллари”. There are some sources that suggest the face value of the loan amount may have been revised upward from $42.17 to $42.75 million. We use the more conservative estimate for the time being.

Number of official sources

12

Number of total sources

21