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Overview

China Development Bank provides $10.6 million export seller’s credit for acquisition of e-education equipment from Huawei (Linked to Record ID#53952)

Commitments (Constant USD, 2023)$11,497,140
Commitment Year•2012Country of Activity•UzbekistanDirect Recipient Country of Incorporation•China (People's Republic of)Sector•EducationFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 24, 2012
Start (actual)
Sep 1, 2011
Last repayment (originally scheduled)
Jul 1, 2014

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% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Private Sector

  • Huawei Technologies Co., Ltd.

State-owned companies

  • Uzbektelecom JSC

Implementing agencies

State-owned companies

  • Uztelecom JSC

Loan description

China Development Bank provides $10.6 million export seller’s credit for acquisition of e-education equipment from Huawei

Grant element•8.4723%Interest rate (t₀)•2.2%Interest type•Fixed Interest RateMaturity•2.5 years

Narrative

Full Description

Project narrative

In 2011, China Development Bank provided a $10,608,000 export seller's credit loan to Huawei Technologies Co., Ltd. Huawei Technologies Co., Ltd., in turn, used the proceeds from the seller's credit facility to issue a $10,608,000 supplier credit (loan) to Uzbektelecom JSC — a state-owned telecommunications company in Uzbekistan — for the purchase of e-education equipment. The loan carried the following terms: a 2.2% interest rate and a 2.5 year maturity. On December 24th, 2012, China Development Bank provided a $10,608,000 export seller's credit loan to Huawei Technologies Co., Ltd. Huawei Technologies Co. The proceeds of the loan were to be used by Uzbektelecom JSC to finance a $12.4 million contract with Huawei Technologies Co., Ltd. and thereby link a network of 200 higher education and vocational education institutions through the creation of a fiber optic network. The e-Education Project commenced in September 2011 and by the end of 2011, Huawei Technologies Co., Ltd. had installed 132.9 km of fiber optic cable, connecting 80 institutions. This project was ultimately completed, but its precise completion date is unknown.

Staff comments

The Russian project title is "Создание национальной сети "Электронное образование" в Республике Узбекистан”. Joint Stock Company Uzbektelecom and Chinese Huawei Technologies Co. Ltd signed a contract worth $12.4 million. The funding was part of an overall loan of US$37.2 million for ICT projects in Uzbekistan (captured in Record ID#53952).