China Eximbank provides $28.3 million preferential buyer’s credit for Surveillance Cameras in Public Areas of Ulaanbaatar City and Rural Areas Streets and Roads Project (Linked to Record ID#49148)

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, China Eximbank and the Government of Mongolia signed a $28.3 million subsidiary loan (PBC) agreement for the Surveillance Cameras in Public Areas of Ulaanbaatar City and Rural Areas Streets and Roads Project. The purpose of this project is to increase the number of surveillance cameras on roads, streets and public squares in 9 districts and 21 aimag centers in Ulaanbaatar. More specifically, the project involves the installation of 8,000 to 10,000 surveillance cameras in the capital city of Ulaanbaatar. The ultimate goal of the project is to increase public security. Zhejiang Dahua Technology Co., Ltd. — partially state-owned publicly traded company based in Binjiang District, Hangzhou and of the world’s largest suppliers of CCTV and video surveillance equipment — is the contractor responsible for implementation. As of June 2018, 2,530 surveillance cameras had been installed in Ulaanbaatar. As of 2019, the project had achieved a 20% completion rate.