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Economy
15/01/2009
Uzbekistan Temir Yollari to receive 15 Chinese locomotives
Uzbekistan Temir Yollari
Tashkent, Uzbekistan (UzDaily.com) --
Uzbekistan Temir Yollari (Uzbekistan Railways), national railway company of Uzbekistan, will receive 15 electric locomotives worth US$73.8 million within a project on modernization of passenger locomotives’ fleet, local newspaper reported.
Uzbekistan Today said the contract on supply of locomotives has been signed with China’s CSR Zhuzhou Electric Locomotive Works.
The project will be financed due to credit line of the Chinese government to the member-states of the Shanghai Cooperation Organization (SCO) and own funds of the Uzbek company.
National Bank for Foreign Economic Activity of Uzbekistan (NBU) will pay 95% of contract through re-financing credit of Chinese Eximbank, issued for 20 years, including five-year grace period at 5% APR. Uzbekistan Temir Yollari will cover other 5% from own resources.
Total cost of the project is 75.7 million. Estimated recoupment term is 20 years, the report said.
CSR Zhuzhou Electric Locomotive Works will also supply tools and equipment, which will be used to maintain locomotives.
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