Completed Development AidData Chinese Aid

China Eximbank provides RMB 328.45 million government concessional loan for Phase 2 of Railway Passenger Car Acquisition Project (Linked to Record ID#54403)

¥328.45M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	State Bank for Foreign Economic Affairs of Turkmenistan (Turkmenvnesheconombank)
Country	Turkmenistan
Start Date	Dec 01, 2009
End Date	May 09, 2033
Duration	8,560 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`88173`

Grant Description

China Eximbank provides RMB 328.45 million government concessional loan for Phase 2 of Railway Passenger Car Acquisition Project In March 2007, China Eximbank and the Government of Turkmenistan signed an RMB 299.55 million government concessional loan (GCL) agreement for Phase 1 of the Railway Passenger Car Acquisition Project (captured via Record ID#54403).

📋 Loan / Grant Terms

💰 Loan Amountincluded a 20-year maturity and a 3% interest rate

📅 Maturity20 years

💹 Interest Rate3%

The loan proceeds were used by the Turkmenistan Ministry of Railways to finance Phase 1 of the commercial contract signed on January 27, 2007 with CITIC Construction.

Then, in December 2009, China Eximbank and the State Bank for Foreign Economic Affairs of Turkmenistan signed an RMB 328.45 million government concessional loan (GCL) agreement for Phase 2 of the Railway Passenger Car Acquisition Project (captured via Record #88173).

📋 Loan / Grant Terms

💰 Loan Amountcarried a 20-year maturity and a 3% interest rate

📅 Maturity20 years

💹 Interest Rate3%

The loan proceeds were used by the Turkmenistan Ministry of Railways to finance Phase 2 of the amended RMB 628 million commercial contract signed on November 13, 2009 with CITIC Construction. CITIC Construction was the contractor responsible for implementation.

The first batch of 104 passenger cars was successfully delivered in June 2008 and put into use by Turkmenistan's Ministry of Railways.

The second batch of 113 passenger cars was successfully delivered in October 2011 and put into use by Turkmenistan's Ministry of Railways.

📋 Staff Comments

The Chinese project title is 土库曼斯坦铁路客车供货项目. The Russian project title is первая этапа проекта закупки железнодорожных пассажирских вагонов.
Data on amounts outstanding can be accessed via https://tfeb.gov.tm/web/upload/global/2110%20SBFEA_2019_%28eng%29_signed%20%281%29.pdf and https://tfeb.gov.tm/web/upload/global/en%202012.pdf and https://tfeb.gov.tm/web/upload/global/TVEB_eng_2013_final.pdf and https://www.tfeb.gov.tm/page/413. According to the World Bank's Debtor Reporting System (DRS), the weighted average grace period of all official sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Turkmenistan was 4.5-years in 2009. AidData estimates the grace period of the China Eximbank loan by using this figure. See https://www.dropbox.com/scl/fi/k9rnqdib5fdz2vv9fjc4k/August-2024-IDS-Download-Turkmenistan-s-Borrowings-and-Borrowing-Terms-from-Official-Sector-PRC-Creditors.xlsx?rlkey=l952qne9jm8bstvvf6ub9ybiq&dl=0

📚 Sources & References

China's New Diplomacy: Rationale
Strategies and Significance
China’s Foreign Aid and Investment Diplomacy
Volume II: History and
我国向土库曼斯坦出口217辆铁路客车全部交付
土库曼铁路客车供货项目
中信建设土库曼斯坦客车二期供货合同补充协议顺利签署
土库曼铁路客车供货项目, Инвестиции корпораций Китая в железнодорожные проекты «пространства 1520» вскоре достигнут знаковой отметки в $1 млрд, Ху Цзиньтао прибыл в столицу Туркменистана
中信建设土库曼斯坦客车二期供货合同补充协议顺利签署
推进新时代改革开放事业，积极践行“一带一路”倡议
State Bank for Foreign Economic Affairs of Turkmenistan Financial Statements for the year ended December 31, 2019
August 2024 IDS Download -- Turkmenistan's Borrowings and Borrowing Terms from Official Sector PRC Creditors
STATE BANK FOR FOREIGN ECONOMIC AFFAIRS OF TURKMENISTAN ANNUAL REPORT 2011
STATE BANK FOR FOREIGN ECONOMIC AFFAIRS OF TURKMENISTAN ANNUAL REPORT 2012 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

State Bank for Foreign Economic Affairs of Turkmenistan (Turkmenvnesheconombank)

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