CDB provides $650 million loan to Kazakhstan Development Bank for on-lending purposes and joint Kazakh-Chinese projects
Commitment amount
$ 749019802.063633
Adjusted commitment amount
$ 749019802.06
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Kazakhstan
Sector
Unallocated/unspecified (Code: 998)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On March 27, 2017, China Development Bank entered into a facility (loan) agreement worth $650 million with the Development Bank of Kazakhstan for on-lending to customers and use in joint Kazakh-Chinese projects in the transportation, infrastructure, and communication sectors. The loan matures on June 15, 2025 and has an interest rate of 2.7% per annum plus LIBOR. The aggregate principal amount outstanding under the agreement was $170 million as of June 30, 2017 and $198 million as of December 31, 2020. The loan was prepaid in full in November 2021.
Additional details
1. The average 6-month LIBOR rate in March 2017 was used to calculated the all-in interest rate (1.426% + 2.7% = 4.126%). 2. This March 2017 loan agreement is not a duplicate of the March 2015 loan agreement (with the same face value) that is captured via Project ID#53574.
Number of official sources
5
Number of total sources
5
Details
Cofinanced
No
Direct receiving agencies [Type]
Development Bank of Kazakhstan JSC (DBK) [State-owned Bank]
Implementing agencies [Type]
Development Bank of Kazakhstan JSC (DBK) [State-owned Bank]
Loan Details
Maturity
8 years
Interest rate
4.126%
Grant element (OECD Grant-Equiv)
6.0377%