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Overview

CDB provides $650 million loan to Kazakhstan Development Bank for on-lending purposes and joint Kazakh-Chinese projects

Commitments (Constant USD, 2023)$691,682,148
Commitment Year•2017Country of Activity•KazakhstanDirect Recipient Country of Incorporation•KazakhstanSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 27, 2017
Last repayment (originally scheduled)
Mar 25, 2025

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% host country ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • Development Bank of Kazakhstan JSC (Baiterek or DBK)

Implementing agencies

State-owned Banks

  • Development Bank of Kazakhstan JSC (Baiterek or DBK)

Loan description

CDB provides $650 million loan to Kazakhstan Development Bank for on-lending purposes and joint Kazakh-Chinese projects

Grant element•17.2223%Interest rate (t₀)•4.12433%Interest type•Variable Interest RateMaturity•8 years

Narrative

Full Description

Project narrative

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.

Staff comments

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 Record ID#53574.