China Eximbank provides $93.5 million concessional loan for Tehran Metro Line 1 Northern Extension Project (Linked to Project ID#41233)
Commitment amount
$ 233699033.33734134
Adjusted commitment amount
$ 233699033.34
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Iran
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In November 2002, Tehran Urban and Suburban Railway Company (TUSRC) and CITIC Group Corporation Ltd. signed a $275 million commercial (EPC) contract for the Tehran Metro Line 1 Northern Extension Project. China Eximbank subsequently signed two loan agreements with TUSRC for the Tehran Metro Line 1 Northern Extension Project: a $93.5 million concessional loan and a $140 million buyer’s credit loan. The borrower was expected to use the loan proceeds to finance 85% of the value of the commercial contract that it signed with CITIC Group Corporation Ltd. in November 2002. The purpose of the project was to construct the northern extension of Tehran Metro Line 1, which consisted of 8.2 km of railway track between the Haghani metro station and the Tajrish metro station. The project also supported the construction of 7 metro stations. CITIC Group Corporation Ltd. was the contractor responsible for project implementation. The project was completed and officially inaugurated on May 18, 2009.
Additional details
1. The Chinese project title is 德黑兰地铁1号线北延线.
Number of official sources
5
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Iran [Government Agency]
Implementing agencies [Type]
CITIC Group Corporation [State-owned Company]