Project ID: 91795

China Eximbank provides $200 million to loan to NBU for on-lending purposes in 2019

Commitment amount

$ 224712922.45242786

Adjusted commitment amount

$ 224712922.45

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [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

Intent

Commercial (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2019-01-01

Description

In January 2019, China Eximbank and the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan (NBU) signed a $200 million loan (facility) agreement for on-lending purposes. The loan carries a 5-year maturity and interest rate of LIBOR plus a 3% margin. The other borrowing terms of the loan are unknown. According to NBU’s 2019 Annual Report, $120 million of the loan proceeds were on-lent to other (unspecified) commercial banks in Uzbekistan to facilitate cross-border economic and trade transactions.

Additional details

1. Joint-Stock Commercial Bank “Uzbek Industrial and Construction Bank” (Uzpromstroybank) is likely one of the banks to which NBU on-lent the proceeds of the China Eximbank loan (see pg. 63 of https://www.rns-pdf.londonstockexchange.com/rns/0121V_1-2019-11-28.pdf). However, this issue requires further investigation. 2. This China Eximbank loan is not included in the China’s Overseas Development Finance Dataset that Boston University's Global Development Policy Center published in December 2020. 3. The face value of the loan is equivalent to 1,689,306 million soums. 4. AidData has estimated the all-in interest rate by adding 3% to average 6-month LIBOR in January 2019 (2.848%).

Number of official sources

2

Number of total sources

4

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan [State-owned Bank]

Implementing agencies [Type]

The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan [State-owned Bank]

Loan Details

Maturity

5 years

Interest rate

5.848%

Grant element (OECD Grant-Equiv)

2.2646%

Bilateral loan

Inter-bank loan