CDB provides $12.58 million loan for a Fastener Production Project in Uzbekistan
Commitment amount
$ 14496414.01532385
Adjusted commitment amount
$ 14496414.02
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Uzbekistan
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On June 23rd, 2017, China Development Bank and the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan signed a $12.58 million loan agreement for a Fastener Production Project. The loan carried the following terms: 6.5 year maturity, 1.5 year grace period, and interest rate of 6-month LIBOR (1.432%) + a 7.1% margin. The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan used the proceeds from this CDB loan to on-lend to Uzmetkombinat JSC, an Uzbek metal products manufacturer. This project involved the construction of a fastener production complex. The capacity of the new complex will reportedly be 5,000 tons of fasteners per year. Uzmetkombinat JSC (Uzbekistan Iron and Steel Works) will assemble the production complex with equipment from Sytco A. G., Berkshire Establishment LLP, and INOXIHP.
Additional details
1. The Russian name of this project is "Организация производства крепежных деталей для машиностроительной промышленности”.
Number of official sources
2
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) [State-owned Bank]
Indirect receiving agencies [Type]
Uzmetkombinat JSC (Uzbekistan Iron and Steel Works) [State-owned Company]
Implementing agencies [Type]
National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) [State-owned Bank]
Loan Details
Maturity
7 years
Interest rate
8.532%
Grace period
2 years
Grant element (OECD Grant-Equiv)
0.0%