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Finance
18/05/2012
NBU, Chinese Eximbank sign loan agreement for US$42.17m
NBU, Chinese Eximbank sign loan agreement for US$42.17m
Tashkent, Uzbekistan (UzDaily.com) --
National Bank of Uzbekistan for Foreign Economic Activity (NBU) and Export-Import Bank of China signed a loan agreement to supply of eleven cargo electric locomotives. The sum of loan is US$42.17 million.
The loan issued for 20 years, with five year grace period. Interest rate is 2.25% APR plus margin of refinancing bat at 0.25%.
Cargo electric locomotives are purchased within the project “Updating locomotive fleet. Purchase 11 cargo electric locomotives” with the attraction of long-term preferential loan of the Chinese government.
Total sum of the project is US$46.003 million. Uzbekistan Temir Yollari (Uzbekistan Railways) held a tender in 2012 and three Chinese firms participated in the tender. A consortium of CNTIC-CNRDLRC won the tender to supply 11 cargo electric locomotives.
Within the programme “Electrification of railroad Maroqand-Qarshi and Qarshi-Termez”, it is also planned to buy one additional electric locomotives.
On 1 December 2011, Uzbekistan Temir Yollari and CNTIC-CNRDLRC sign the commercial contract for supply of 11 locomotives for US$44.39 million.
The first locomotive will be delivered in the end of 2012, while three more locomotives will be supplied after 17 months from entering the force of the contract.
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