Skip to content
AidData logo

Overview

CDB provides $45 million loan to Uzbekneftegaz for unspecified purpose (Linked to Record ID#91785)

Commitments (Constant USD, 2023)$47,885,687
Commitment Year•2017Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 27, 2017
Last repayment (originally scheduled)
Apr 25, 2027

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 companies

  • JSC Uzbekneftegaz

Loan description

CDB provides $45 million loan to Uzbekneftegaz for unspecified purpose

Grant element•15.4069%Interest rate (t₀)•5.5%Interest type•Fixed Interest RateMaturity•10 years

Narrative

Full Description

Project narrative

On April 27, 2017, China Development Bank and JSC “Uzbekneftegaz” (UzbekNefteGaz) — a state-owned oil and gas company in Uzbekistan — signed a $45 million facility (loan) agreement for an unspecified purpose (captured via Record ID#91783) and a $12 million facility (loan) agreement for an unspecified purpose (captured via Record ID#91785). Both loans carry a 10 year maturity (final maturity date: April 27, 2027) and an interest rate of 5.5%. In 2017, Uzbekneftegaz breached the debt incurrence covenant under the two CDB facility (loan) agreements and thereby defaulted on its obligations under the two agreements. As of 2021, the aggregate amount outstanding under these two CDB loan agreements was $45.5 million.

Staff comments

1. The consolidated financial statements of JSC “Uzbekneftegaz” for the years ended 31 December 2020, 2019 and 2018 identify a final maturity date of August 2027 rather than April 2027. This issue warrants further investigation.