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Overview

China Development Bank provides $40 million loan to Agrobank for Chinese-Uzbek economic cooperation purposes

Commitments (Constant USD, 2023)$41,269,353
Commitment Year•2020Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 16, 2020
First repayment
Jan 15, 2022

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 Banks

  • Uzbekistan Agrobank

Loan desecription

China Development Bank provides $40 million loan to Agrobank for Chinese-Uzbek economic cooperation purposes

Grace period•2 yearsInterest type•Unknown

Narrative

Full Description

Project narrative

On January 16, 2020, China Development Bank (CDB) signed a $40 million loan agreement with Joint-Stock Commercial Bank “Agrobank” (a state-owned commercial bank in Uzbekistan). The purpose of this loan was to encourage economic cooperation between Chinese manufacturers and entrepreneurs in Uzbekistan, as well as establishing a line of credit in order to finance projects involving Chinese contractors. A signing ceremony was held for the loan agreement. Feng Zhe, the Director of the CDB Working Group , Wang Shaonan, a CDB Project Manager, and Shukhrat Mirzavev, the Deputy Chairman of the Board of Agrobank, all attended the ceremony. As of December 31, 2021, Agrobank was determined to in technical breach of the loan agreement with CDB with respect to the non-performing loan (NPL) ratio. Agrobank then further assessed the terms of the CDB loan agreement and engaged with CDB to discuss the issue as a result of which the Agrobank and CDB concluded that that Agrobank was in fact not in breach of the NPL ratio.