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Overview

China Eximbank provides loan to Turkmenistan for unspecified purposes

Commitments (Constant USD, 2023)$2,648,499
Commitment Year•2001Country of Activity•TurkmenistanDirect Recipient Country of Incorporation•TurkmenistanSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 16, 2001
Last repayment (originally scheduled)
Dec 25, 2031

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

Government Agencies

  • Government of Turkmenistan

Loan description

China Eximbank provides loan to Turkmenistan for unspecified purposes

Grant element•50.2773%Interest rate (t₀)•2.5%Interest type•Fixed Interest RateMaturity•31 years

Narrative

Full Description

Project narrative

On August 16, 2001, the Government of Turkmenistan and China Eximbank signed a loan agreement for unspecified purposes. The face value of this loan is unknown. This loan matures on March 21, 2030 and the interest rate is 2.5%. Disbursements were made through this loan according to the following schedule: 554,854,000 in 2010 TMT, 862,389,000 TMT in 2011, 943,210,000 TMT in 2012, 912,483,000 TMT in 2013, 849,387,000 TMT in 2014, 961,718,000 TMT in 2015, and 845,805,000 TMT in 2016.

Staff comments

1. AidData estimates the face value of the loan (5,929,846,000 TMT) based on the six loan disbursements that were made between 2010 and 2016. 2. One official source indicates that the China Eximbank loan was issued on December 17, 2001, which suggests that the August 16, 2001 loan agreement may have been revised. Some official sources also suggest that the loan's maturity date was March 21, 2032, which again suggests a revision to the August 16, 2001 loan agreement. 3. AidData has set the umbrella field to False since no specific subsidiary projects were identified but six specific loan disbursements were identified. 4. According to the World Bank's Debtor Reporting System (DRS), the Government of Turkmenistan borrowed $19,469,740.10 in 2001 from official sector lenders in China. The weighted average borrowing terms recorded in the DRS include a 3.379% interest rate, a 4.5141 year grace period, and a 12.8757 year maturity. This suggests that more than one official sector Chinese loan was provided to the Government of Turkmenistan in 2001. However, at present, AidData only captures a single loan (Record ID#40165). This issue warrants further investigation. See https://www.dropbox.com/s/ab8qt4n6jijcbhd/IDS_Average%20interest%20on%20new%20external%20debt%20commitments.xlsx?dl=0 and https://www.dropbox.com/s/949n5rctiue6d7c/IDS_Average_grace_period_and_maturity_on_new_external_debt_commitments.xlsx?dl=0 and https://www.dropbox.com/s/2sw4f7gluxa52fk/DRS%20Official%20Commitments%20from%20China%20Through%202021.xlsx?dl=0