China Eximbank provide $350 million loan for Kamchiq Tunnel in the Angren-Pap Railway
Commitment amount
$ 394812793.2664423
Adjusted commitment amount
$ 394812793.27
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Uzbekistan
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On November 30, 2013, China Eximbank and National Bank of Uzbekistan signed a loan agreement worth $350 million for the construction of the 19.2 km Kamchiq railway tunnel linking the Central Asian nation’s populous Ferghana Valley with the rest of the country. The terms of the China Eximbank loan were as follows: 20 year maturity, 5 year grace period, and an interest rate of 2.25%. This tunnel is part of the Angren-Pap railway line. Uzbekistan Railways State Joint-Stock Railway Company signed a contract with China Railway Tunnel Group Co Ltd. to construct the tunnel. The tunnel, with a total project cost of $455 million, seeks to connect the Qamchiq pass and Ferghana Valley as part of the electrified Angren-Pap railway. Construction began on July 29, 2013 and the excavation works were finished on February 27, 2016. The tunnel was opened for traffic on June 22, 2016.
Additional details
1. The tunnel is sometimes also spelled Kamchik.
Number of official sources
13
Number of total sources
32
Details
Cofinanced
No
Direct receiving agencies [Type]
National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) [State-owned Bank]
Implementing agencies [Type]
China Railway Group Limited (CREC) [State-owned Company]
National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) [State-owned Bank]
Loan Details
Maturity
20 years
Interest rate
2.25%
Grace period
5 years
Grant element (OECD Grant-Equiv)
37.0736%