China Development Bank provides $10.6 million export seller’s credit for acquisition of e-education equipment from Huawei (Linked to Project ID#53952)
Commitment amount
$ 12455102.702477366
Adjusted commitment amount
$ 12455102.7
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Uzbekistan
Sector
Education (Code: 110)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
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.
Additional details
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 project #53952).
Number of official sources
4
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Huawei Technologies Co., Ltd. [Private Sector]
Indirect receiving agencies [Type]
Uzbektelecom JSC [State-owned Company]
Implementing agencies [Type]
Uztelecom JSC [State-owned Company]
Loan Details
Maturity
3 years
Interest rate
2.2%
Grant element (OECD Grant-Equiv)
5.4126%