Completed Mixed AidData Chinese Aid

ICBC provides $84.46 million buyer’s credit to facilitate acquisition of 150 railway carriages and 25 generator cars

$84.46M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Central Bank of Iran
Country	Iran
Start Date	Aug 01, 2003
End Date	Aug 10, 2027
Duration	8,775 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`67137`

Grant Description

ICBC provides $84.46 million buyer’s credit to facilitate acquisition of 150 railway carriages and 25 generator cars In August 2003, the Shanghai Branch of the Industrial and Commercial Bank of China (ICBC) and the State Bank of Iran signed an $84.46 million buyer’s credit (loan) agreement to facilitate the acquisition of 150 railway carriages (wagons) — including 138 passenger carriages (wagons) and 12 dining carriages (wagons) — as well as 25 generator cars for Raja Passenger Train Company (an Iranian state-run railway company).

📋 Loan / Grant Terms

💰 Loan Amountwas insured (mostly likely by Sinosure) and it carried a 10-year maturity and no grace period

📅 Maturity10 years

Its interest rate is unknown.

However, it is known that the borrower expected to make payments for principal, interest, fees, and insurance worth $116,550,788 — in nominal terms — over the lifetime of the loan.

It is also known that the borrower was expected to use the loan proceeds to partially finance a $99.36 million commercial contract between Raja Passenger Train Company and Shanghai Golden Source International Economic and Trade Development Co. Ltd., and CSR Qishuyan Locomotive & Rolling Stock Works (Sifang), which was signed in April 2002.

The first batch of passenger cars (41 passenger cars and 4 dining cars) was officially delivered on March 15, 2005. The project was ultimately completed. However, its precise completion date is unknown.

📋 Staff Comments

The Islamic Republic of Iran Railways (abbreviated as IRIR, or sometimes as RAI) (Persian: راه‌آهن جمهوری اسلامی ایران, Rāhāhan-e Jomhuri-ye Eslami-ye Irān) is the national state-owned railway system of Iran. The Raja Passenger Train Company is an associate of the IRIR and manages its passenger trains.
The Chinese project title is 向伊朗出口150辆客车和25辆发电车项目 or 客运公司出口175辆铁路客车项目. The Persian project title is خريد 138 دستگاه واگن مسافري و 12 دستگاه واگن رستوران وقطعات.

📚 Sources & References

Bank to offer Iranian company buyer's credit for export deal
ICBC provides huge credit to Iran
Newsletter
ICBC to offer Iranian company buyer's credit for export deal
ICBC Loans to Iran's Company
工行向伊朗国家银行提供出口买方信贷_滚动新闻_财经纵横_新浪网
Bank to Offer Iranian Company Buyer's Credit for Export Deal - Tehran Times
List of stock used by railways in Iran - Wikipedia, سامانه ملی قوانین و مقررات, خط کش _ اجازه خرید 138 دستگاه واگن مسافری و 12 دستگاه واگن رستوران و قطعات یدکی از شرکت گلدن سورس اینترنشنال کشور چین از طریق ترک تشریفات مناقصه, نسخه چاپی اجازه خريد 138 دستگاه واگن مسافري و 12 دستگاه واگن رستوران و قطعات يدكي از شركت گلدن سورس اينترنشنال كشور چين از طريق ترك تشريفات مناقصه, نسخه چاپی اصلاح تصويبنامه اجازه خريد 138 دستگاه واگن مسافري و 12 دستگاه واگن رستوران و قطعات يدكي از شركت گلدن سورس اينترنشنال كشور چين از طريق ترك تشريفات مناقصه
Letter of approval regarding the purchase of one hundred and thirty-eight (138) passenger cars and twelve (12) restaurant cars by Raja Passenger Trains Company
中国向伊朗出口铁路客车首批车辆启用
The first batch of railway passenger cars exported from China to Iran has been put into use_News_Finance and Economics
南车集团出口伊朗首批高档铁路客车在德黑兰交付－国务院国有资产监督管理委员会 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.