China Eximbank provides RMB 155.4 million government concessional loan for Customs Management, Technology, and Modernization Project

Project narrative

On March 25, 2015, China Eximbank and the Government of Armenia signed an RMB 155,440,000 government concessional loan (GCL) agreement [No. GCL NO.5 (2015) TOTAL NO.(544)] for the Customs Management, Technology, and Modernization Project. The loan carries the following terms: a 2% interest rate, a 5-year grace period, a 20-year maturity, a 0.25% commitment fee, and a 0.15% management fee. The loan repayment period was scheduled to begin on September 21, 2020, and end on March 21, 2035. The proceeds from the GCL were to be used by the borrower to finance a commercial contract (number NUC-1-14-1092) worth RMB 155,439,953 between the Government of Armenia’s Ministry of Finance and Nuctech Company Limited («Նուքթեք քամփնի»), which was signed on November 14, 2014, and subsequently modified on June 9, 2016. The purpose of the Customs Management, Technology, and Modernization Project is to acquire portable x-ray scanners that are capable of detecting explosive devices, weapons, and other types of contraband. Nuctech Company Limited is the contractor responsible for implementation. Project implementation was underway as of November 2017; however, the precise project implementation start date is unknown.