Skip to content
AidData logo

Overview

China Eximbank provides $50.54 million preferential buyer’s credit for Third Stage (Chormagzak Tunnel) of Phase 1 of the Dushanbe-Dangara Road Reconstruction Project (Linked to Record ID #53750, #40063

Commitments (Constant USD, 2023)$54,776,153
Commitment Year•2012Country of Activity•TajikistanDirect Recipient Country of Incorporation•TajikistanSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 5, 2012
Start (actual)
Mar 15, 2010
End (planned)
Mar 15, 2013
End (actual)
Oct 1, 2013
First repayment
May 21, 2021
Last repayment
May 21, 2032

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

This project supported the construction of the 4.43 km Chormagzak Tunnel along the 147.64 km Dushanbe-Dangara section of the Dushanbe-Kulma highway. More detailed locational information can be found at https://www.google.com/maps/place/Chormaghzak+Tunnel,+Tajikistan/@38.4771348,69.1814159,17z/data=!3m1!4b1!4m5!3m4!1s0x38b66e9dde37093f:0x45059c2b6cd21c12!8m2!3d38.4771306!4d69.1836046 and https://www.carecprogram.org/uploads/TAJrev_EN.pdf and https://www.openstreetmap.org/relation/180104

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

  • Tajikistan Ministry of Finance

Implementing agencies

Government Agencies

  • Tajikistan Ministry of Finance

State-owned companies

  • China Road & Bridge Corporation (CRBC)

Loan desecription

China Eximbank provides $50.54 million preferential buyer’s credit for Third Stage (Chormagzak Tunnel) of Phase 1 of the Dushanbe-Dangara Road Reconstruction Project

Grace period•8.6 yearsGrant element•57.7208%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•19.6 years

Narrative

Full Description

Project narrative

On June 5, 2012, the Export-Import Bank of China (China Eximbank) and the Ministry of Finance of the Republic of Tajikistan signed a $50,540,000 preferential buyer's credit (PBC) agreement [CHINA EXIMBANK PBC NO. 2012 (5) TOTAL NO. (193)] for the Third Stage (Chormagzak Tunnel) of Phase 1 of the Dushanbe-Dangara Road Reconstruction Project. The China Eximbank PBC (loan) agreement was unanimously ratified by the Tajik Parliament in October 2012. The loan carried a maturity of 19.6 years, a grace period of 8.6 years, an interest rate of 2%, a 0.2% commitment fee, and a 0.2% management fee ($101,080). The borrower was expected to use the loan proceeds to finance 95% of the cost of a $$53,200,000 commercial contract between Tajikistan's Ministry of Transport and China Road and Bridge Corporation (CRBC), which was signed on December 7, 2011. The remaining 5% of the commercial contract cost was to be covered by the Government of Tajikistan. The project supported the construction of the 4.43 km Chormagzak Tunnel along the 147.64 km Dushanbe-Dangara section of the Dushanbe-Kulma highway (which is also known as the Tajikistan-China highway). China Road and Bridge Corporation (CRBC) was the contractor responsible for project implementation. Construction began on October 15, 2010, and the project was completed on October 1, 2013.

Staff comments

1. The Chormagzak Tunnel is now known as the Khatlon Tunnel. 2. This project is linked to the China Eximbank-financed First Stage and China Eximbank-financed Second Stage of Phase 1 of the Dushanbe-Dangara Road Reconstruction Project (see Record ID#40063, #53750). China Eximbank reportedly provided $243.4 million of debt financing in total for all three stages of Phase 1. 3. The Russian project title for Stage 3 of Phase 1 is Реабилитация третьего этапа фазы I автомобильной дороги «Душанбе-Кульма». The Chinese project title is 塔中公路一期(杜尚别—丹卡拉段)道路修复改造项目. 4. The China Eximbank PBC (loan) agreement can be accessed in its entirety via http://portali-huquqi.tj/publicadliya/view_qonunhoview.php?showdetail=&asosi_id=13962 and https://www.dropbox.com/scl/fi/bny36nlsb4miqbucamdyy/Tajikistan-2012-China-Eximbank-PBC-for-Third-Stage-Chormagzak-Tunnel-of-Phase-1-of-the-Dushanbe-Dangara-Road-Reconstruction-Project-Russian.pdf?rlkey=7od8u7se8nuutcdkica52wpt1&dl=0 and https://www.dropbox.com/scl/fi/bdtxzjfykl4fsi5we8kq5/Tajikistan-2012-China-Eximbank-PBC-for-Third-Stage-Chormagzak-Tunnel-of-Phase-1-of-the-Dushanbe-Dangara-Road-Reconstruction-Project-English.pdf?rlkey=d2vwr0o2l08udzs3e6pevs6gq&dl=0 5. The loan's maturity (19.6 years) and grace period (8.6 years) are drawn from the World Bank's International Debt Statistics. See https://www.dropbox.com/scl/fi/xcffgcc5mm4hg49i9u7di/February-2025-IDS-Extraction-Tajikistan-s-Official-Sector-PRC-Borrowings-and-Borrowing-Terms.xlsx?rlkey=cq2kfom6b7ajq6njzram1q1sa&dl=0