Completed Mixed AidData Chinese Aid

China Eximbank provides $30.3 million preferential buyer’s credit for Yarmag New Bridge Construction and Old Bridge Renovation Project (Linked to Record ID#40435)

$30.26M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Mongolia
Country	Mongolia
Start Date	Nov 10, 2015
End Date	Feb 19, 2031
Duration	5,580 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`72020`

Grant Description

China Eximbank provides $30.3 million preferential buyer’s credit for Yarmag New Bridge Construction and Old Bridge Renovation Project On November 10, 2015, China Eximbank and the Government of Mongolia signed a $30,260,333 preferential buyer’s credit (PBC) agreement [CHINA EXIMBANK PBC 2015 (25) TOTAL (368)] for the Yarmag New Bridge Construction and Old Bridge Reconstruction Project.

The PBC was approved pursuant to a general loan agreement (captured via Record ID#40435) for the utilization of a $500 million preferential buyer’s credit for various projects that was signed by the two governments on June 16, 2011.

📋 Loan / Grant Terms

📅 Maturity20 years

⏳ Grace Period7 years

💹 Interest Rate2%

The borrower was responsible for making 26 equal, semi-annual repayments (worth $1,163,846.15) after the expiration of the loan’s grace period.

The proceeds of the PBC were to be used by the borrower to finance 100% of the $30,260,333 cost of a commercial (EPC) contract [UBI-2012-04/06] between China Railway 20th Bureau Group Co.

Ltd. (China Railway 20 Bureau Group Corporation) and the Capital City Road Department of Mongolia, which was signed on February 1, 2013.

The purpose of the project was to construct a 4,312.2-meter Yarmag overpass (interchange) in Khan-Uul District and a two-way, four-lane, 20.9 km road (between between the Nalaikh and Choir intersections), which is the main route to Chinggis Khaan International Airport and the development zone from downtown Ulaanbaatar.

The interchange connects Chinggis Avenue and Naadamchdiin Street. The project also involved renovating Yarmag Bridge and building a new bridge in Khan-Uul District. China Railway 20th Bureau Group Co. Ltd. was the general EPC contractor responsible for implementation. SRP Engineer Consulting Mongolia LLC was also involved as a subcontractor.

On April 3, 2017, a groundbreaking ceremony was held. The interchange was completed and officially opened to traffic on November 2, 2018. The originally anticipated project implementation start and end dates were October 1, 2016 and January 31, 2019.

📋 Staff Comments

This project is also known as the Ulaanbaatar Yarmag New Bridge and Existing Bridge Rehabilitation Project. The Chinese project title is 雅尔玛格立交桥项目. The Mongolian project title is Яармагийн шинэ гүүр барих, хуучин гүүр засварлах төсөл or ЯАРМАГИЙН ШИНЭ ГҮҮР БАРИХ, ХУУЧИН ГҮҮРИЙГ ЗАСВАРЛАХ.
The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.
The PBC (loan) agreement can be accessed in its entirety via https://www.dropbox.com/s/rmtwfmzvcfs4iff/Mongolia%202015%20China%20Eximbank%20Loan%20Agreement%20for%20Yarmag%20New%20Bridge%20Construction%20and%20Old%20Bridge%20Reconstruction%20Project.pdf?dl=0.

📚 Sources & References

China Database
China Overseas Development Finance
Construction begins on the new Yarmag Bridges
First interchange overpass built by Chinese firm in Mongolia opens to traffic
Mongolia's first Chinese-built 3-level interchange opens
Offering Memorandum
PREFERENTIAL BUYER'S CREDIT LOAN AGREEMENT: Individual Loan Agreement on Yarmag new bridge construction and an old bridge reconstruction Projec
The Yarmag new bridge construction and existing bridge rehabilitation project
Yaarma New Bridge Construction and Old Bridge Repair Project
Yaarma New Bridge Construction and Old Bridge Repair Project loan agreement
Yarmag Bridge construction works begin
Yarmag Bridge Opens, БНХАУ-ын хөнгөлөлттэй зээлийн хөрөнгөөр барьж буй 'Яармагийн шинэ гүүр' төсөл Улаанбаатар хотын бүтээн байгуулалтын дээд шагналыг хүртлээ, ЗАСГИЙН ГАЗРЫН ГАДААДЫН ЗЭЭЛ, ТУСЛАМЖИЙН ХӨРӨНГӨӨР 2018 ОНЫ ТӨСВИЙН ЖИЛД ХЭРЭГЖҮҮЛЭХЭЭРТӨЛӨВЛӨЖ БУЙ ТӨСӨЛ, АРГА ХЭМЖЭЭ, НИЙТ ТӨСӨЛ, Элчин сайд Шин Хаймин Яармагийн шинэ гүүрний төслийн шав тавих ёслолд оролцов, ЯАРМАГИЙН ШИНЭ ГҮҮР БАРИХ, ХУУЧИН ГҮҮРИЙГ ЗАСВАРЛАХ, Яармагийн шинэ гүүр барих, хуучин гүүрийг засварлах төсөл
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