Active Mixed AidData Chinese Aid

Bank of China (Kazakhstan) contributes to $286 million syndicated buyer’s credit for Qazaq Soda Ash Plant Construction Project

$47.67M USD

Funder	JSC AB Bank of China Kazakhstan
Recipient Organization	Qazaq Soda LLP
Country	Kazakhstan
Start Date	Dec 22, 2023
End Date	Jun 25, 2027
Duration	1,281 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`110751`

Grant Description

Bank of China branch contributions to $286 million syndicated buyer’s credit for Qazaq Soda Ash Plant Construction Project On December 22, 2023, Qazaq Soda LLP — a special purpose vehicle and wholly-owned subsidiary of Yildirim Group — signed a $286 million syndicated buyer’s credit facility agreement with six lenders for the Qazaq Soda Ash Plant Construction Project.

Participants in the syndicate included ING Bank, ING Bank Singapore, Bank of China Limited Beijing, the Development Bank of Kazakhstan, Halyk Bank, and AB Bank of China Kazakhstan.

📋 Loan / Grant Terms

💰 Loan Amountare unknown

However, it is known that Yildirim Holding and Eti Krom served as guarantors and the loan was backed by a Sinosure credit insurance policy.

It is also known that the borrower is expected to partially finance a $336,580,609 commercial (EPC) contract with China CAMC Engineering Co., Ltd., which was signed in September 2021.

The purpose of the project is to construct a soda ash (sodium carbonate) production factory in the Sarysu district of the Zhambyl region with the capacity to produce 400,000 tons of soda ash and other raw materials each year.

The factory is expected to employ 1500 people during the construction phase and approximately 300 people once it is brought into service.

A consortium of China CAMC Engineering Co., Ltd., Dalian Dahua Engineering Design Co., Ltd., and SemArco LLP is the EPC contractor responsible for implementation.

On January 2, 2024, China CAMC Engineering Co., Ltd. received advance payment under its EPC contract with Qazaq Soda LLP and began construction.

📋 Staff Comments

Founded in 1963, the Yildirim Group is an Istanbul-based company, with operations in nine sectors in 51 countries. The company employs 13,000 people around the globe.
The Chinese project title is 哈萨克斯坦年产50万吨纯碱厂项目 or 哈萨克斯坦江布尔州年产50万吨纯碱厂项目.
The size of the financial contributions from Bank of China Limited Beijing and AB Bank of China Kazakhstan to the syndicate are unknown. For the time being, AidData assumes equal contributions ($47,666,666.667 million) across the six members of the syndicate.
Baker McKenzie and its Esin Attorney Partnership affiliate advised the lenders.

📚 Sources & References

Annual Report 2022
Yildirim Holding to construct Kazakhstan's first Soda Ash Plant
Projects under consideration
The state will assist investors in providing engineering networks
We are pleased to announce the signing of a Credit Facility Agreement worth $286 million to finance our QAZAQ SODA project in Kazakhstan.
Erdem & Erdem Advises Yildirim Holding on Establishment of Kazakhstan Factory
CNEEC signs EPC contract for 500,000-ton-per-year soda ash plant project in Kazakhstan
中工国际：哈萨克斯坦50万吨纯碱厂项目正式开工建设
中工国际总经理向哈总理汇报项目进展情况
中工国际：收到哈萨克斯坦年产50万吨纯碱厂项目预付款
Our greenfield investment project: Qazaq Soda
Announcement of major contracts of CAMCE Engineering Co.
Ltd.
中工国际参与共建“一带一路”剪影：基于国企改革底座的新打法
CAMCE blooms projects in Nicaragua and Kazakhstan
Baker McKenzie and Esin Advise on Financing for Qazaq Soda
Morgan Lewis Recognized in Two Categories at Global Banking & Markets Awards in Turkey
Baker McKenzie Wins “Banking & Finance Legal Advisor of the Year” Award at Global Banking & Markets CEE
CIS & Türkiye Awards 2024
Global Banking & Markets_ CEE
CIS & Türkiye Awards 2024 _ Global Banking & Markets
Presidents of SINOSURE (China Export & Credit Insurance Corporation) and China CAMC Engineering Co.,LTD visited YILDIRIM Tower and convened with YILDIRIM Group
Conditions for providing a financing instrument by Development Bank of Kazakhstan JSC
Yildrim group of companies announces the signing of a credit facility agreement worth $286 million
Appendix XIII CONTRACT FOR THE DESIGN
PROCUREMENT AND CONSTRUCTION WORKS IN RESPECT OF A PLANT FOR THE PRODUCTION OF SODA ASH WITH A CAPACITY OF 500,000 TONS PER YEAR AND RESIDENTIAL TOWN IN THE SARYSU DISTRICT OF THE ZHAMBYL REGION IN KAZAKHSTAN 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.