Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Aug. 1 (Xinhua) — China Development Bank (CDB) recently issued its first loan of 180 million yuan (about 25.18 million U.S. dollars) for Kazakhstan Temir Zholy (KTZ)'s project to purchase 200 locomotives, thanks to which the first batch of locomotives has been delivered and put into operation, Zhongxinwang reported on Thursday, citing a source in the bank.
In February this year, a banking consortium founded by the CDB and the Import-Export Bank of China signed an agreement with Kazakhstan's state-owned transport and logistics holding KTZ to provide it with a loan of 3.56 billion yuan, which was to be used to purchase 200 locomotives from the Chinese company CRRC Co., Ltd.
With the exchange rate-linked advantages of cross-border financing of the Chinese national currency Renminbi, the Kazakh enterprise was offered a highly efficient and low-cost financing option, the CDB noted.
Successful implementation of this project will effectively increase the capacity of railway transportation in Kazakhstan, the bank added.
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