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ICBC provides $180 million buyer’s credit loan for Phase 1 of Tehran-North Highway Construction Project (Linked to Record ID#41232)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Tejarat Bank |
| Country | Iran |
| Start Date | Jul 07, 2005 |
| End Date | May 31, 2030 |
| Duration | 9,094 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67090 |
Grant Description
ICBC provides $180 million buyer’s credit loan for Phase 1 of Tehran-North Highway Construction Project On July 7, 2005, the Industrial and Commercial Bank of China (ICBC) signed a $218,909,000 buyer’s credit loan agreement with Tejarat Bank of Iran for Phase 1 of the Tehran-North Highway Construction Project.
The purpose of the project was to construct a 32 km highway segment (known as Phase 1 and Section 1) that runs from an interchange with Azadegan Expressway and Hemmat Expressway in northwestern Tehran city (Municipality District 21) to Doab, Shahrestanak, Alborz Province.
This segment is part of a larger 121 highway (known as Tehran-North Freeway, Freeway 3, or آزادراه تهران - شمال) that begins in Tehran and runs to Chalus on the Caspian Sea.
A consortium made up of China Railway Tunnel Group, China Shanghai (Group) Corporation for Foreign Economic & Technological Cooperation, and Federal Aisa Shanghai Import & Export Co., Ltd. was responsible for implementation. Construction began in February 2006.
The project had achieved an 83% completion rate as of May 3, 2017 and was originally scheduled for completion in August 2017. However, it encountered multiple delays, and its expected completion date was eventually pushed back to February 2020. Section 1 ultimately opened for test service on February 12, 2020 and it officially opened on February 25, 2020.
Staff Comments
- This project is also known as Section 1 of the Tehran-North Highway Construction Project, Phase 1 of Tehran North Highway Construction Project, Tehran-Shomal Freeway, and the Iran-Shomal Highway Project. The Chinese project title is 德黑兰北部高速公路.
- The face value of the loan is recorded by different sources as $180 million, $200 million, and $220 million. AidData relies on the face value and borrowing terms that are recorded in the World Bank's Debtor Reporting System (DRS). See World Bank's Debtor Reporting System (DRS), See https://www.dropbox.com/scl/fi/ef7q4y9pxjk6q3syuqmjy/May-2024-DRS-Extraction-of-Data-on-Official-and-Private-Chinese-Loans-to-Iran-and-Borrowing-Terms.xlsx?rlkey=wiqjmhuwunp3jelz3jyfepny8&dl=0 3. On September 22, 2015, China Communications Construction Company, Ltd. (CCCC) signed a memorandum of understanding (MoU) worth $2 billion with Tehran-North Freeway Company for the construction of Part 2 and 3 of the Tehran-North Highway (see Project ID#41232).
Sources & References
- 上海外经等三企业中标伊朗高速公路
- 德黑兰北部高速一期已完成83%
- Chinese said to fund stalled highway to Caspian
- IRAN
- CHINA SIGN AGREEMENT TO BUILD TEHRAN-SHOMAL HIGHWAY
- Tehran-North Freeway MoU With China
- Section-1 of Tehran-North Freeway to Come on Stream by Feb. 19
- Tehran North Freeway
- Iran and China sign agreement to build freeway
- Tehran-North(Section 1) Highway to Open Before Winter
- Tehran-North Freeway
- Tehran-Shomal Freeway - Wikipedia
- Tehran-Shomal - wikimedia, آزادراه تهران- شمال بطور رسمی افتتاح شد - ایرنا, پیچ_ و خم_های جاده ابریشم جدید, شرکت چینی عملیات احداث قطعه اول آزادراه تهران – شمال را آغاز می_کند
- Iran
- China sign agreement on construction of tunnel.
- China to build Tehran-North highway. 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
Tejarat Bank
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