Completed Development AidData Chinese Aid

China MOFCOM provides RMB 300 million interest-free loan for unspecified purposes

¥300M RMB

Funder	China Ministry of Commerce
Recipient Organization	Government of Turkmenistan
Country	Turkmenistan
Start Date	Jul 16, 2005
End Date	Feb 13, 2028
Duration	8,247 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`40167`

Grant Description

China MOFCOM provides RMB 300 million interest-free loan for unspecified purposes Between 2002 and 2013, the State Bank for Foreign Economic Affairs of Turkmenistan reported that it received loans from the China Development Bank (CDB) each year. AidData has coded the funding agency as MOFCOM as it is the sole administrator of China’s interest-free loan program.

The sources that underpin this project record suggest that CDB was the funding agency.

However, this very likely reflects the fact that MOFCOM disbursed the loan through a bank account that the borrower established with CDB.

The first loan may have been issued on July 2, 2002; however, subsequent reports identified an amended issue date of July 16, 2005.

📋 Loan / Grant Terms

💰 Loan Amountcarried an interest rate of 0% and a maturity date of December 31

It is not known how the proceeds of this loan were used.

The loan was disbursed between 2012 and 2016 according to the following schedule: 44,825 Thousand TMT in 2012, 43,673 Thousand TMT in 2013, 40,445 Thousand TMT in 2015, 42,065 Thousand TMT in 2015, and 14,108 Thousand TMT in 2016. These disbursements sum to approximately RMB 300 million.

📋 Staff Comments

AidData has coded the funding agency as MOFCOM as it is the sole administrator of China’s interest-free loan program. The sources that underpin this project record suggest that China Development Bank was the funding agency. However, this very likely reflects the fact that MOFCOM disbursed the loan through a bank account that the borrower established with China Development Bank.
The commitment year is currently based on the July 16, 2005 loan issue date.
Since loan terms for the interest-free loan are unavailable, AidData has set maturity period to 20-years by default and grace period to 10-years by default per China's Foreign Assistance White Paper (http://www.cidca.gov.cn/2018-08/06/c_129925064_3.htm) which states that the maturity period of interest-free loans is 20-years, with a drawdown period of 5-years, grace period of 5-years, and repayment over 10-years. AidData treats the drawdown period as providing 5-years of additional grace.
AidData has set the umbrella field to False since no specific subsidiary projects were identified, but five specific loan disbursements (drawdowns) were identified.

📚 Sources & References

Financial Statements 2013
Financial Statements 2016
Financial Statements 2014
Financial Statements 2015
State Bank for Foreign Economic Affairs of Turkmenistan Financial Statements for the year ended December 31, 2019
Financial Statements 2023
Turkmenistan
China to sign gas supply deal 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

Government of Turkmenistan

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