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China Development Bank provides $309 million loan to refinance trade cooperation projects under the Belt and Road Initiative
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU) |
| Country | Uzbekistan |
| Start Date | Jan 01, 2020 |
| End Date | Sep 05, 2026 |
| Duration | 2,439 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 95376 |
Grant Description
China Development Bank provides $309 million loan to refinance trade cooperation projects under the Belt and Road Initiative During the first half of 2020, China Development Bank (CDB) entered into a $309,000,000 loan agreement with the National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU).
The proceeds of the loan were to be used by the borrower to refinance the projects related to trade cooperation under the Belt and Road with participation of Chinese enterprises. Loan disbursements in 2020 amounted to $202,193,933.
Staff Comments
1. The loan's grace period is drawn from the World Bank's Debtor Reporting System (DRS). See https://www.dropbox.com/s/949n5rctiue6d7c/IDS_Average_grace_period_and_maturity_on_new_external_debt_commitments.xlsx?dl=0 and https://www.dropbox.com/s/2sw4f7gluxa52fk/DRS%20Official%20Commitments%20from%20China%20Through%202021.xlsx?dl=02. The DRS reports a slightly lower interest rate than NBU, which suggests that the loan may carry a floating rather than fixed interest rate. This issue warrants further investigation. See https://www.dropbox.com/s/ab8qt4n6jijcbhd/IDS_Average%20interest%20on%20new%20external%20debt%20commitments.xlsx?dl=0
Sources & References
- JSC 'National Bank for Foreign Economic Activity of the Republic of Uzbekistan' Interim Condensed Consolidated Financial Statements, nbu_ifrs_ye2020_eng.pdf
- JOINT-STOCK COMPANY 'NATIONAL BANK FOR FOREIGN ECONOMIC ACTIVITY OF THE REPUBLIC OF UZBEKISTAN' 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
National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)
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