CDB provides RMB 500 million loan to National Bank for Foreign Economic Affairs of the Republic of Uzbekistan for on-lending purposes
Commitment amount
$ 81810007.70258051
Adjusted commitment amount
$ 81810007.7
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Uzbekistan
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On August 26, 2019, during the fifth meeting of the Uzbek-Chinese Intergovernmental Cooperation Committee in Beijing, the Xinjiang Branch of China Development Bank and the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan (NBU) signed an RMB 500 million ($71.2) loan (facility) agreement for on-lending purposes. The agreement envisaged the use of new payment methods in RMB, while payments in RMB would be transferred to the supplier’s bank account directly in China in order to significantly reduce the time needed for payments between the two countries and counter-parties. The RMB 500 million loan fully disbursed on January 16, 2020. No additional details regarding borrowing terms or repayments, or subsidiary loans/projects were identifiable as of July 2022.
Additional details
1. This agreement was the reportedly seventh in a row between NBU and CDB.
Number of official sources
4
Number of total sources
13
Details
Cofinanced
No
Direct receiving agencies [Type]
National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) [State-owned Bank]