Overview

CDB provides $500 million export buyer's credit loan to MegaFon for purchase of Huawei equipment

Commitments (Constant USD, 2023)$512,776,590

Commitment Year•2014Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 30, 2014

Last repayment (originally scheduled): Dec 28, 2021

Geospatial footprint

Map overview

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CDB signs an export buyer's credit loan facility to MegaFon, which headquarters is located at 41 Oruzheyniy lane, Moscow 127006, Russia. More detailed locational information can be found at https://www.openstreetmap.org/node/6193233295.

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

Private Sector

MegaFon PJSC

Implementing agencies

Private Sector

Huawei Technologies Co., Ltd.
MegaFon PJSC

Loan desecription

CDB provides $500 million export buyer's credit loan to MegaFon for purchase of Huawei equipment

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

In October 2014, China Development Bank (CDB) and MegaFon signed a financing mandate agreement for an export buyer's credit loan facility worth $500 million for the purchase of Huawei equipment and services. Then, on December 30, 2014, CDB and MegaFon signed the $500 million loan agreement. The loan carried a maturity of 7 years. Its interest rate and grace period are unknown. The borrower was expected to use the loan proceeds to develop Megafon's mobile network.

Staff comments

1. This was the eighth deal between Megafon and CDB.