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CDB provides $6.6 million loan for Digital Horizon Transformation Project (Linked to Record ID#70874)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | KyrgyzTelecom |
| Country | Kyrgyz Republic |
| Start Date | Jun 09, 2006 |
| End Date | Sep 10, 2030 |
| Duration | 8,859 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 70873 |
Grant Description
CDB provides $6.6 million loan for Digital Horizon Transformation Project On June 9, 2006, China Development Bank (CDB) signed a $6,640,258 loan agreement with KyrgyzTelecom. This loan was intended to be used for the Digital Horizon Transformation Project.
The loan was repaid before December 31, 2015. Huawei Technologies provided equipment for the project.
Digital Horizon Transformation Project intended to upgrade the fixed network of KyrgyzTelecom from an analog network to a digital network.
It provided for the parallel implementation of two projects: the modernization and development of the Bishkek telecommunication network and modernization and development of the regional telecommunication networks.
It included the introduction of the expansion BGTS networks and an increase in KyrgyzTelecom's subscriber lines capacity to 250,000.
Staff Comments
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- The Russian project title is Цель: Телекоммуникационный проект «Цифровое будущее». The Chinese title of the project is 吉尔吉斯斯坦电信改造项目.
- The original pledged amount for the project is approximately $8 million. However, only $6,594,764.1 was actually received from this loan, but it may be due to the exchange rate difference loss of KGS 1,831,432.12 (see pg.19 of 'KyrgyzTelecom Financial Report 2012')4. According to the 2006 and 2007 KyrgyzTelecom Financial Reports, the loan carried the following terms: a 7-year maturity period, a grace period of 2.5-years, and an interest rate of LIBOR + 1.8%. However, the 2008 KyrgyzTelecom Financial Report reported a 7-year maturity period, a grace period of 2-years, and an interest rate of 6 month LIBOR + 1.8% (see pg.10 of 'KyrgyzTelecom Financial Report 2008'). It appears that the grace period was adjusted in 2008.
- This loan is the first project loan issued by China Development Bank through commercial operation within the framework of the Shanghai Cooperation Organization since the establishment of the SCO Bank Consortium.
- This project was linked to a $3.5 million loan from CDB for Digital Horizon Transformation Project in November 2007 (see Project ID#70874).
Sources & References
- 国家开发银行融资支持吉电信改造项目
- KyrgyzTelecom Financial Report 2015
- KyrgyzTelecom Financial Report 2006
- KyrgyzTelecom Financial Report 2007
- KyrgyzTelecom Financial Report 2008
- KyrgyzTelecom Financial Report 2012
- KyrgyzTelecom Financial Report 2011
- KyrgyzTelecom Financial Report 2010
- Kyrgyz Telecom 2009 Financial Report
- Kyrgyz Telecom 2013 Financial Report 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
KyrgyzTelecom
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