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Overview

CHEC signs EPC+F agreement with Kish Investment Tirajeh for Tirajeh Urban Complex Project

Commitments (Constant USD, 2023)$136,471,744
Commitment Year•2014Country of Activity•IranDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 9, 2014

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The exact location of the urban complex where these housing and facilities locations were to be built was unable to be determined. However, the province in which the complex was intended to be built can be found at: https://www.openstreetmap.org/relation/269635

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% Chinese ownership

Funding agencies

Government Agencies

  • Unspecified Chinese Government Institution

Receiving agencies

State-owned companies

  • China Harbour Engineering Co., Ltd. (CHEC)

Implementing agencies

State-owned companies

  • China Harbour Engineering Co., Ltd. (CHEC)

Guarantors

Government Agencies

  • Government of Iran

Loan description

CHEC signs EPC+F agreement with Kish Investment Tirajeh for Tirajeh Urban Complex Project

Interest type•Unknown

Narrative

Full Description

Project narrative

On March 9, 2014, China Harbour Engineering Company Ltd (CHEC) and Kish Investment Tirajeh — a municipal subsidiary of Tablis in Iran — signed an Engineering, Procurement, Construction and Financing (EPC+F) contract worth EUR 118 million for the Tirajeh Urban Complex Project (as part of a larger financing agreement between the Chinese Government and the Iranian Government). The purpose of the project, which is located in Ardabil Province, was to build Tirajeh urban complex in a 99,000m2 area. The complex was to consist of commercial real estate, leisure and entertainment facilities and shopping and dinning facilities. AidData has not identified any evidence that this project was ultimately implemented by CHEC.

Staff comments

1. The Chinese project title is Tirajeh城市综合体项目. The Farsi project title is مرکز تجاری،تفریحی،فرهنگی و گردشگری تیراژه اردبیل. 2. The identity of the financier is not known. For the time being, AidData has coded the identity of the financier as an Unspecified Chinese Government Institution. However, this issue requires further investigation. 3. Under most EPC+F contractual arrangements, a loan is extended to the EPC contractor but with a sovereign guarantee from the host government. Therefore, AidData assumes that the loan issued to CHEC is backed by a repayment guarantee from the Government of Iran (i.e. a sovereign guarantee). 4. AidData has estimated the face value of the loan by taking 85% of the value of the EUR 118 million EPC+F contract.