Overview

China Eximbank provides $23.7 million preferential buyer’s credit for Competitive Higher Education Project (Linked to Record ID#49148)

Commitments (Constant USD, 2023)$25,850,101

Commitment Year•2016Country of Activity•MongoliaDirect Recipient Country of Incorporation•MongoliaSector•EducationFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

First repayment (originally scheduled): Dec 30, 2022

Last repayment (originally scheduled): Dec 27, 2035

Geospatial footprint

Map overview

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The purpose of this project is to furnish a new library at the National University of Mongolia and expand and equip the 6th building of the National University of Mongolia in the city of Ulaanbaatar. More detailed locational information can be found at https://www.openstreetmap.org/way/386177910.

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

Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

Government of Mongolia

Implementing agencies

Government Agencies

National University of Mongolia

Loan description

China Eximbank provides $23.7 million preferential buyer’s credit for Competitive Higher Education Project

Grace period•7 yearsGrant element•56.0077%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

On November 10, 2015, China Eximbank and the Government of Mongolia signed a general loan agreement regarding the utilization of a $1 billion preferential buyer's credit (PBC) for various projects (as captured in Record ID#49148). Under the terms of the general loan agreement, all subsidiary (individual) loan agreements for specific projects carry identical borrowing terms: 20 year maturity, 7 year grace period, 2% interest rate, 0% management fee, and 0.25% commitment fee. Then, in 2016, China Eximbank and the Government of Mongolia signed a $23.7 million subsidiary loan (PBC) agreement for the Competitive Higher Education Project. The purpose of this project is to furnish a new library at the National University of Mongolia and expand and equip the 6th building of the National University of Mongolia in the city of Ulaanbaatar. As of February 2019, construction was underway.

Staff comments

1. The Mongolian project title is Өрсөлдөх чадвартай дээд боловсрол төсөл or МУИС-ын 6-р байрны өргөтгөл or МУИС-ийн хичээлийн 6 дугаар байрыг шинэчлэн барих ба номын сангийн автоматжуулалт, мэдээлэл сүлжээний аюулгүй байдлыг хангасан орчин үеийн ухаалаг систем бүхий . 2. The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.