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China Eximbank provides seller's credit to CRMASC for procurement of 52,000 metric tons of railway material by Pakistan Railways
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | China Railways Materials and Supplies Corporation |
| Country | Pakistan |
| Start Date | Apr 23, 2002 |
| End Date | Mar 25, 2026 |
| Duration | 8,737 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 35257 |
Grant Description
CRMASC provides $18.8 million supplier’s credit to Pakistan Railways for procurement of 52,000 metric tons of railway material On April 23, 2002, a $22.152 million commercial contract for the procurement of 52,000 metric tons of railway material was signed by Pakistan Railways (PR) and China Railways Materials and Supplies Corporation (CRMASC).
The contract was signed by Saeeduz Zafar, Chairman of the PR Board, and Liu Guoping, Vice President of the CRMASC.
PR was to finance 15% of the contract amount while the remaining $18.8292 million would be financed through a supplier's credit (loan) from CRMASC.
China Eximbank provided an export seller’s credit to CRMASC to provide it with the funding necessary to offer a supplier’s credit to PR. The rails that were procured were heavier than PR's existing rails. The usage of these new rails would allow trains to operate at a higher speed and enhance load capacity.
Staff Comments
- According to a 2010 media report, CRMASC successfully exported the railway material to PR, so AidData have status-coded the project as complete for the time being.
- CRMASC is now known as China Railway Materials Group Corporation.
- The borrowing terms of the loan are drawn from the following official
Sources & References
- https://www.finance.gov.pk/survey/chapters/09-debt.pdf Sources: Pakistan
- China sign accord on railways
- Pakistan
- China sign accord on railways
- 中铁物资成功中标巴基斯坦2.5万吨钢轨合同 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
China Railways Materials and Supplies Corporation
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