China Eximbank pledges loan for two highway construction projects
Pledged amount
$ 968512315.6395816
Adjusted pledged amount
$ 968512315.6395816
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Serbia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
On Dec 28, 2012, China Road and Bridge Corporation (CRBC) signed a preliminary agreement with Serbian Ministry of Regional Development and Local Self-Government to build two regional highways in the country. The two projects, a 110-kilometer motorway with six lanes from Pojate to Preljina and a 27-kilometer motorway with four lanes from Novi Sad to Ruma are valued at 642 million Euros (about 850 million U.S. dollars). The works will be financed by the China Exim Bank under very favorable conditions - payment period of 20 years, grace period of five years, and a maximum interest rate of 2.5 percent. It is said that the timeframe for the construction of the Morava corridor is 4 years, and for the Novi Sad-Ruma highway 30 months. It has been envisaged that the Serbian firms will have a 45 percent share in realization of the projects, and the average cost per kilometer will be EUR 4.72 million.
Number of official sources
0
Number of total sources
5
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Serbia [Government Agency]
Implementing agencies [Type]
China Road & Bridge Corporation (CRBC) [State-owned Company]
Government of Serbia [Government Agency]
Loan Details
Maturity
20 years
Interest rate
2.5%
Grace period
5 years
Grant element (OECD Grant-Equiv)
28.9017%