China Eximbank provides a $5.93 million export buyer's credit to equip Akangaran Hydropower Plant (Linked to Record ID#53683)

Project narrative

On June 26, 2006, the Export-Import Bank of China and the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan signed a loan for $5,909,200 in export buyer's credit for equipment delivery to a small 50 MW hydroelectric power plant (HPP) at the Akhangaran water reservoir. The loan carried the following terms: 15 year maturity, 5 year grace period, 3.5% interest rate, 0.3% commitment fee, and 0.3% management fee. The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan then used the proceeds of this loan to on-lend to an entity called "Специализированнымобъединением «Узсувэнерго»". The Ahangaran Hydropower Plant was launched as a joint venture between China National Electric Equipment Corp (CNEEC) and the Uzbek Agriculture and Water Management Ministry in 2007. Based on this agreement, CNEEC was to provide equipment and assemble the plant. Under this same agreement, the Andijian Hydropower station was also initiated (Record ID#53683).