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Overview

Chinese Government provides RMB 100 million loan for purchase of Chinese drilling and hoist equipment

Commitments (Constant USD, 2023)$28,633,831
Commitment Year•2000Country of Activity•TurkmenistanDirect Recipient Country of Incorporation•TurkmenistanSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 7, 2000
Start (actual)
Jul 7, 2000
End (actual)
Jul 7, 2000
First repayment (originally scheduled)
Mar 3, 2004
Last repayment (originally scheduled)
Sep 3, 2010

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

Government Agencies

  • Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

  • Government of Turkmenistan

Loan description

Chinese Government provides RMB 100 million loan for purchase of Chinese drilling and hoist equipment

Grace period•3.66 yearsGrant element•27.9154%Interest rate (t₀)•4%Interest type•Fixed Interest RateMaturity•10.166 years

Narrative

Full Description

Project narrative

On July 5-7, 2000, during the visit of Chinese President Jiang Zemin to Turkmenistan, Jiang Zemin held talks with Turkmenistan President Niyazov and signed the China-Turkmenistan Joint Declaration. Chinese Minister of Foreign Trade and Economic Cooperation Shi Guangsheng signed a framework agreement with Turkmenistan's Deputy Prime Minister Kandymov regarding the Chinese Government's provision of an RMB 100 million concessional loan to the Government of Turkmenistan. The Chinese Government subsequently issued an RMB 100 million loan to Government of Turkmenistan to finance the purchase of Chinese drilling and hoist equipment for the Turkmenneft and Turkmengas, which are state-owned enterprises. The estimated borrowing terms of the loan included a 4% interest rate, a 10.166 year maturity, and a 3.66 year grace period.

Staff comments

1. AidData relies on the borrowing terms that the Government of Turkmenistan recorded in the World Bank's Debtor Reporting System. See https://www.dropbox.com/s/2sw4f7gluxa52fk/DRS%20Official%20Commitments%20from%20China%20Through%202021.xlsx?dl=0 and https://www.dropbox.com/s/949n5rctiue6d7c/IDS_Average_grace_period_and_maturity_on_new_external_debt_commitments.xlsx?dl=0 and https://www.dropbox.com/s/ab8qt4n6jijcbhd/IDS_Average%20interest%20on%20new%20external%20debt%20commitments.xlsx?dl=0