Overview

CDB provides $12.58 million loan for a Fastener Production Project in Uzbekistan

Commitments (Constant USD, 2023)$13,386,710

Commitment Year•2017Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 23, 2017

First repayment (originally scheduled): Jul 2, 2018

Last repayment (originally scheduled): Jul 1, 2023

Geospatial footprint

Map overview

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The purpose of this project was to provide loan for a fastener production. More detailed locational information can be found at https://www.openstreetmap.org/way/240230040

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

National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)

State-owned companies

Uzmetkombinat JSC (Uzbekistan Iron and Steel Works)

Implementing agencies

State-owned Banks

National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)

Loan description

CDB provides $12.58 million loan for a Fastener Production Project in Uzbekistan

Grace period•1.5 yearsGrant element•3.8541%Interest rate (t₀)•8.545%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•6.5 years

Narrative

Full Description

Project narrative

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.

Staff comments

1. The Russian name of this project is "Организация производства крепежных деталей для машиностроительной промышленности”.