China Eximbank provides $54.2 million loan for acquisition of 1300 freight wagons
Commitment amount
$ 135562623.08810923
Adjusted commitment amount
$ 135562623.09
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Pakistan
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On April 23, 2002, the China Eximbank and the Government of Pakistan signed a $54,236,875 loan agreement to facilitate the acquisition of 1,300 freight wagons by Pakistan Railways according to Pakistan's Ministry of Economic Affairs. Under the terms of the agreement, 420 wagons would be manufactured in China, and the remaining 880 would be produced at the Moghalpura Railway Workshops in Lahore. This loan reportedly carried an interest rate of 5.25%. The Government of Pakistan's identification number for the loan is PR/2003/1300. China State Railway Group Company, Ltd. was the contractor responsible for project implementation. As of April 2005, 130 out of 1300 freight wagons had been delivered, and another 130 were slated for arrival in June 2005. As of 2010, all 1300 freight wagons had been delivered.
Number of official sources
2
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Pakistan [Government Agency]
Implementing agencies [Type]
Government of Pakistan [Government Agency]
Loan Details
Interest rate
5.25%