Overview

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

Commitments (Constant USD, 2023)$47,926,676

Commitment Year•2011Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2011

Start (actual): Feb 1, 2014

End (actual): Feb 11, 2014

First repayment (originally scheduled): Dec 31, 2015

Last repayment (originally scheduled): Dec 27, 2030

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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These locomotives are expected to be used Tashkent and on the Marakand-Qarshi-Termez railway line. More detailed locational information can be found at: https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=38.8398%2C65.7928%3B37.2442%2C67.2832#map=9/38.0416/66.5371 and https://www.openstreetmap.org/directions?engine=fossgis_osrm_car&route=38.8398%2C65.7928%3B39.6691%2C66.9974#map=10/39.2716/66.5126 and https://www.openstreetmap.org/relation/196251

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 Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned Banks

National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)

Implementing agencies

State-owned companies

China National Technical Import and Export Corporation (CNTIC)

Guarantors

Government Agencies

Government of Uzbekistan

Loan desecription

China Eximbank provides $42.17 million loan for Electric Locomotive Acquisition Project

Grace period•5 yearsGrant element•51.3908%Interest rate (t₀)•2.25%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

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.

Staff comments

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.