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CDB provides RMB 1.18 billion loan to National Bank for Foreign Economic Activity of the Republic of Uzbekistan for Phase 1 of Public Transport Bus Acquisition Project
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) |
| Country | Uzbekistan |
| Start Date | May 17, 2023 |
| End Date | Sep 07, 2026 |
| Duration | 1,209 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 104811 |
Grant Description
CDB provides RMB 1.18 billion loan to National Bank for Foreign Economic Activity of the Republic of Uzbekistan for Phase 1 of Public Transport Bus Acquisition Project On May 17, 2023, China Development Bank (CDB) and National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) signed an RMB 1,180,136,158 loan agreement for Phase 1 of the Public Transport Bus Acquisition Project.
The proceeds of the loan are to be used by the borrower to finance the purchase of 1,000 environmentally-friendly passenger buses and electric buses. By June 2023, the loan had reportedly fully disbursed. By early 2025, At present, all of the buses had been delivered.
After these vehicles were put into use, the average waiting time for passengers on the main bus lines in Tashkent city reportedly fell from 25 minutes to less than 10 minutes.
Staff Comments
- As of August 2024, the NBU website stated that its RMB-denominated CDB borrowings were based on a fixed interest rate of 4.8% (https://nbu.uz/en/small-business/foreign-credit-lines/). As such, AidData assumes that the interest rate of the (May 2023) RMB-denominated loan from CDB to NBU was equal to 4.8%. This issue warrants further investigation.
- CDB refers to this loan as the first of two loans for two phases of the Public Transport Bus Acquisition Project (see https://www.cdb.com.cn/xwzx/khdt/202501/t20250102_12280.html and https://xinjiang.chinatax.gov.cn/xwdt/ztzl/ydyl/202303/t20230330_113179.htm).
- The Chinese project title is 塔什干新能源公交车项目.
Sources & References
- JSC 'National Bank for Foreign Economic Activity of the Republic of Uzbekistan' Interim condensed consolidated financial information (unaudited) for six months ended 30 June 2023 and Report on review of interim condensed consolidated financial information
- National Bank of Uzbekistan and China Development Bank sign 1.18 billion yuan loan agreement
- JSC 'National Bank for Foreign Economic Activity of the Republic of Uzbekistan' Consolidated Financial Statements For the year ended 31 December 2023 and Independent Auditor's Report
- 人民网：国开行：高质量落实3500亿元人民币融资窗口
- Uzbekistan looks to China for help with public transportation upgrade, Узбекистан приобретет 1 000 новых автобусов
- China Development Bank to provide loan to Uzbek Bank for finance transport project
- 凝聚服务共建“一带一路”合力 国开行高质量落实3500亿元人民币融资窗口
- 乌兹别克斯坦拟从中国国家开发银行申请18亿元人民币贷款用于采购公交车 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)
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