Completed Mixed AidData Chinese Aid

China Eximbank provides $400 million loan for the Pavlodar Aluminum Smelter Construction Project

$400M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Development Bank of Kazakhstan JSC (Baiterek or DBK)
Country	Kazakhstan
Start Date	May 21, 2010
End Date	Jan 28, 2030
Duration	7,192 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`40267`

Grant Description

China Eximbank provides $400 million loan for the Pavlodar Aluminum Smelter Construction Project On May 21, 2010, the Development Bank of Kazakhstan JSC (DBK) entered into a $400 million loan agreement [No.

KI216-S/10 (№ КИ216-S/10)] with the Export-Import Bank of China for the Pavlodar Aluminum Smelter Construction Project.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following terms: a maturity of 15 years (final maturity date: May 21

Eurasian Natural Resources Corporation (ENRC) provided a repayment guarantee for the loan. Principal and interest were to be repaid semi-annually.

DBK used the proceeds of the China Eximbank loan to on-lend to Kazakhstan Aluminum Smelter JSC (KAS) (also known as Kazakhstan Electrolytic Plant JSC), the project company and a subsidiary of ENRC and responsible for the Pavlodar Aluminum Smelter Construction Project.

The (principal) amount outstanding under this loan was $324 million as of June 30, 2017 and $152.4 million as of December 31, 2021. The entire project cost $1.0183 billion, and KAS contributed $618.3 million.

The Pavlodar Aluminum Smelter Project sought to construct a primary aluminum smelter in Pavlodar with a capacity of 250,000 tons per year.

In addition to financing the smelter, the loan was intended to pay for costs incurred during the first and second phases of the electrolysis plant.

China Nonferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd. (NFC) was the engineering, procurement, and construction (EPC) contractor. Construction began in 2014. The project was accepted as complete on December 11, 2015.

📋 Staff Comments

The Russian name of the project company is АО ‘Казахстанский электролизный завод’.
One official source suggests that the May 2010 loan was drawn from the proceeds of two preferential buyer’s credits (PBC) issued by China Eximbank in 2008 and 2009: a PBC signed on April 9, 2008 [CHINA EXIMBANK PBC No 2008 (4) Total No (44)] and a PBC signed on April 16, 2009 [PBC No 2009 (9) Total No. (71) from 16.04.2009.] As such, AidData has set the flow type field to Export Buyer’s Credit for the time being.

📚 Sources & References

Overview of key developments from analysts of Asyl Invest JSC (Kazakhstan) on April 16, 2010
ENRC Subsidiary Secures $400 million loan
Aluminium of Kazakhstan JSC
Eximbank in discussions to loan ENRC $876m
哈萨克斯坦电解铝厂项目
Two Projects Undertaken by NFC Passed Kazakhstan National Unified Acceptance
NFC In Central Asia
Kazakhstan Aluminium Smelter JSC
President of Kazakhstan Inspects CPC Plant Undertaken by NFC in Pavlodar
COMPOSITION OF THE PROJECT
Review of key events from analysts of ASYL INVEST (Kazakhstan) on March 29, 2010
Information on Kazakhstan Electrolytic plant JSC
Development Bank of Kazakhstan 2010 Bond Prospectus
Information on Kazakhstan Electrolytic plant JSC, ОБЪЕКТТІ ҚАРАУ
Development Bank of Kazakhstan Base Prospectus 2017
Development Bank of Kazakhstan Drawdown Information Memorandum 2022
Development Bank of Kazakhstan Base Prospectus 2018
Development Bank of Kazakhstan Base Prospectus 2021
Development Bank of Kazakhstan Base Prospectus 2012
Development Bank of Kazakhstan Base Prospectus 2010
Investment Memorandum, 2020/09/30, 2012 Bond Prospectus for Development Bank of Kazakhstan
Supplement to Base Information Memorandum
Base Information Memorandum - JSC Development Bank of Kazakhstan U.S.$3,000,000,000 MEDIUM TERM NOTE PROGRAMME
Development Plan (План развития)
Civil and Industrial Construction 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

Development Bank of Kazakhstan JSC (Baiterek or DBK)

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