China Eximbank provides a $73.85 million for Kungrad Soda Ash Plant Expansion Project (Linked to Record ID#39943)

Project narrative

On September 12, 2012, China Eximbank issued a loan of $73.85 million to Uzbek Industrial and Construction Bank (JSC Uzpromstroybank) for the expansion of the Kungrad Soda Ash Plant in the Karakalpakstan region of Uzbekistan. The China Eximbank loan was provided on the following terms: maturity of 20 years, 5 year grace period, interest rate of Euribor + 2% margin. The Kungrad Soda Ash Plant Expansion Project sought to expand the plant's capacity from 100,000 to 200,000 tons per year — by mining limestone from the Jamansay (Dzhamansay) quarry and the Barsakelmes field salt field in Karakalpakstan (an autonomous republic in north-western Uzbekistan). The main consumers of soda plant are Uzbek enterprises that produce household chemicals and building materials, including various types of glass. The total cost of the project cost $110 million, financed by China Eximbank, the Fund for Reconstruction and Development of Uzbekistan, and state Joint Stock Company (JSCJ) Uzkimyosanoat. Project implementation was overseen by State Joint-Stock Company Uzhimprom. CITIC Co, Ltd. designed and supplied equipment for the project. Project implementation began on January 10, 2013. It was completed in January 19, 2016. This project is linked to Record ID#39943, an ICBC loan in 2003 for the construction of the plant.