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Uzbekistan : China Exim Bank approves a loan of $42.17 million for Uzbekistan
Publish Date : 17-Mar-2012
The China Exim Bank has approved a loan of $42.17 million for Uzbekistan.
This amount is 95 percent of the value of a deal which the SJSRC Uzbekistan Railways closed with a syndicate of Chinese CNTIC (China National Technical Imp & Ex Corporation) and the CNR DLRC (CNR Dalian Locomotive and Rolling Stock Co. Ltd) to provide 11 electric freight locomotives worth $44.39 million to Uzbekistan at the end of the last year.
Uzbekistan Railways will pay towards the remaining five per cent of the value of the deal which is $2.22 million.
The National Bank of Foreign Economic Activity of Uzbekistan shall refund the loan of the bank which it has granted for 20 years with a 5-year grace period at an interest rate of 2.25 per cent per annum, which includes the margin of refinancing bank amounting to 0.25 per cent.
Uzbekistan Railways will be responsible for the proper use of the loan and the efficient work over the project.
China\'s Exim Bank and the syndicate of CNTIC-CNRDLRC have been exempted from the income tax of legal entities, collected from sources on the country\'s territory and from the VAT on their work or services.
The country\'s president has also approved the importing of the locomotives from China.
