The State Bank for Foreign Economic Affairs of Turkmenistan

The State Bank for Foreign Economic Affairs of Turkmenistan - JBIC/NEXI Loan

Industry
Power/Gas-fired combined cycle
Area of finance
Project & Infrastructure Finance
Region
Russia CIS
Countries
Turkmenistan

Deal Overview

This is the 6th Japanese ECA buyer’s credit facility to the Government of Turkmenistan, which took more than two years to sign after the an agreement was reached on the EPC contract in Oct. 2015, a process heavily challenged by the low commodity price environment started in 2015 and sustained...

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This is the 6th Japanese ECA buyer’s credit facility to the Government of Turkmenistan, which took more than two years to sign after the an agreement was reached on the EPC contract in Oct. 2015, a process heavily challenged by the low commodity price environment started in 2015 and sustained during 2016 and 2017. With the recovery of the commodity price in 2018, the Japanese ECAs were able to find a sign of recovery of Turkmen economy which lead to the successful signing of the transaction. This is effectively a Government-to-Government financing between Japan and Turkmenistan. The EPC contract was signed back in Oct. 2015, at the occasion of Japanese Prime Minister’s official visit to Turkmenistan at which time financial support by Japanese ECAs was also promised. On the Turkmen side, the Government is the direct borrower of the financing acting through a state owned bank, making it a pure sovereign risk financing.

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Deal Volume
$271.59m
Financial Close
12 July 2018
Sources
Press release, Press release, Submitted by participant(s)

All Dealmakers

Edward Bullen

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Tranches


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Projects

Lebap Gas Power Plant

Greenfield
Gas-fired
Russia CIS
Turkmenistan
$300m