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Overview

China Eximbank pledges RMB 447 million loan for Strategic Road Modernization Project

Commitments (Constant USD, 2023)$73,358,287
Commitment Year•2012Country of Activity•MoldovaDirect Recipient Country of Incorporation•MoldovaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2012
First repayment
Dec 30, 2016
Last repayment
Dec 27, 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 Moldova

Implementing agencies

Government Agencies

  • Government of Moldova

State-owned companies

  • Sinohydro Corporation Limited

Loan desecription

China Eximbank pledges RMB 447 million loan for Strategic Road Modernization Project

Grace period•5 yearsGrant element•53.1012%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

In March 2012, the Government of Moldova approved the opening of the negotiations on an RMB 427 million loan agreement between China Eximbank and the Moldovan Ministry of Transportation. A framework agreement for this project was signed on July 20, 2012. The borrowing terms under the terms of the framework agreement were as follows: 20-year maturity, 5-year grace period, and a 2% interest rate. At least 50% of the loan proceeds were to be used for the procurement of good and services from China. The project was to be implemented by Sinohydro Corporation Limited. The Strategic Road Modernization Project involved the modernization 48 km of roads in two segments: a 39 km segment from Chisinau to Basarabeasca via Hincesti and Cimislia and a 9 km segment Chisinau from to Dubosari. The planned works included the reconstruction of the basic gravel layer, an extension of the roads, asphalting of the upper layer of the roads, construction of a bridge, and rehabilitation of 28 bridges, construction and repair of 116 drainage channels, and other works. The project was to be fully implemented within 2.5 years. However, it does not appear that a loan agreement with China Eximbank was ever finalized.

Staff comments

According to the article "" issued by Chinese Ministry of Commerce, the transaction amount of the loan that Chinese government pledged was RMB 427 million.