CDB provides $12 million loan to Uzbekneftegaz for unspecified purpose (Linked to Project ID#91783)
Commitment amount
$ 13828057.884251684
Adjusted commitment amount
$ 13828057.88
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Uzbekistan
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Financial distress
Yes
Infrastructure
No
Category
Project lifecycle
Description
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 Project ID#91783) and a $12 million facility (loan) agreement for an unspecified purpose (captured via Project 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.
Additional details
1. The consolidated financial statements of JSC “Uzbekneftegaz” for the years ended 31 December 2020, 2019 and 2018 identify a final maturity date of October 2027 rather than April 2027. This issue warrant further investigation.
Number of official sources
1
Number of total sources
1
Details
Cofinanced
No
Direct receiving agencies [Type]
Uzbekneftegaz [State-owned Company]
Loan Details
Maturity
10 years
Interest rate
5.5%
Grant element (OECD Grant-Equiv)
5.4601%