China Eximbank provides 2-year grace period extensions and 2-year maturity extensions under 31 loan agreements with Government of Pakistan in July 2023

On July 17, 2023, China Eximbank and the Government of Pakistan signed a debt rescheduling agreement.

Under the terms of the agreement, China Eximbank suspended the principal repyament obligations of the Government of Pakistan under 31 loan agreements — including government concessional loan agreements, preferential buyer’s credit agreements, and buyer’s credit agreements — over a two-year period (July 21, 2023 to June 30, 2025).

These two-year principal payment deferrals (grace period extensions) were accompanied by two-year maturity extensions. The total amount of principal that was rescheduled amounted to approximately $2.4 billion.

Under the terms of the agreement, the Government of Pakistan was still responsible for continuing to meet its interest payment obligations between July 21, 2023 and June 30, 2025 under the same 31 loan agreements.

The July 2023 debt rescheduling likely applied to the following China Eximbank GCLs, PBCs, and BCLs that the Government of Pakistan previously contracted: (1) an RMB 234 million GCL for the Pak-China Fiber Optic Cable Construction Project (captured via Record ID#39015); (2) an RMB 1.04 billion GCL for the Remote Sensing Satellite System (RSSS) Project (captured via Record ID#37286); (3) an RMB 486.3 million GCL for the Non-Intrusive Vehicle X-Ray Inspection System (NVIS) Project (captured via Record ID#36242); (4) an RMB 1.35 billion GCL for the Paksat-1R Satellite System Project (captured via Record ID#43298); (5) an RMB 86.5 million GCL for the Paksat-1R Ground Control Station Project (captured via Record ID#36953); (6) an RMB 850 million GCL for the Safe City Islamabad Project (captured via Record ID#37016); (7) an RMB 2.647 billion GCL for Units 2 and 3 of the Karachi Nuclear Power Plant (KANUPP) Project (captured via Record ID#41916); (8) an RMB 731 million GCL for Units 3 and 4 of the Chashma Nuclear Power Plant Project (captured via Record ID#36237); (9) an RMB 1.2 billion GCL for the Lahore Orange Line Metro Train Project (captured via Record ID#54420); (10) an RMB 1.2 billion GCL for Phase 2 (Thakot-Havelian Section) of the KKH Highway Repair Project (captured via Record ID#52525); (11) an RMB 4.8 billion GCL for Sukkur-Multan Section of the Karachi-Lahore Highway Project (captured via Record ID#39013); (12) an RMB 585 million GCL for Phase 1 of the Karakoram Highway (KKH) Realignment Project (captured via Record ID#72395); (13) an RMB 1.6 billion GCL for Unit 2 of the Chashma Nuclear Power Plant Project (captured via Record ID#35262); (14) a $576 million BCL for 969MW Neelum-Jhelum Hydroelectric Project (captured via Record ID#54087); (15) a $448 million BCL for 969MW Neelum-Jhelum Hydroelectric Project (captured via Record ID#35266); (16) a $164.4 million BCL for Phase 2 (Thakot-Havelian Section) of the KKH Highway Repair Project (captured via Record ID#54423); (17) a $361.22 million BCL for the Sukkur-Multan Section of the Karachi-Lahore Highway Project (captured via Record ID#54415); (18) a $203.25 million BCL for the Lahore Orange Line Metro Train Project (captured via Record ID#53820); (19) a $474 million BCL for Units 3 and 4 of the Chashma Nuclear Power Plant Project (captured via Record ID#70730); (20) a $2.250 billion BCL for Units 2 and 3 of the Karachi Nuclear Power Plant (KANUPP) Project (captured via Record ID#41917); (21) a $114.28 million BCL for Procurement of the 202 Passenger Carriages Project (captured via Record ID#35902); (22) a $143.85 million PBC for the Urban Infrastructure Development AJK Package 1 (captured via Record ID#53872); (23) a $156.147 million PBC for the Urban Infrastructure Development AJK Package 2 Project (captured via Record ID#71792); (24) a $259 million PBC for the Phase 1 of the Karakoram Highway (KKH) Realignment Project (captured via Record ID#39030); (25) a $966.19 million PBC for Phase 2 (Thakot-Havelian Section) of the KKH Highway Repair Project (captured via Record ID#54424); (26) a $1.23 billion PBC for the Lahore Orange Line Metro Train Project (captured via Record ID#37280); (27) a $382.8 million PBC for Units 2 and 3 of the Karachi Nuclear Power Plant (KANUPP) Project (captured via Record ID#92413); (28) a $1.79 billion PBC for the Sukkur-Multan Section of the Karachi-Lahore Highway Project (captured via Record ID#54416); (29) a $3.618 billion PBC for Units 2 and 3 of the Karachi Nuclear Power Plant (KANUPP) Project (captured via Record ID#41918); (30) a $150 million PBC for Unit 2 of the Chashma Nuclear Power Plant Project (captured via Record ID#35108); and (31) a $1 billion PBC for Units 3 and 4 of the Chashma Nuclear Power Plant Project (captured via Record ID#70728).