Tajikistan to borrow $850mn in 2018-2020

By bne IntelliNews November 16, 2017

Tajikistan plans to borrow $850mn in 2018-2020, Asia-Plus news agency reported on November 15, citing Tajik Finance Minister Abdusalom Korboniyon.

The funds will be allocated for “the country's exit from a communication impasse, achieving energy independence and ensuring food security”, the report said. The financing is likely to cover part of the Rogun hydropower dam construction - a 3,600MW hydropower project, complete with the world's tallest dam. The project is meant to end the country’s winter energy shortages as well as support its objective to become a regional energy exporter via the CASA-1000 project.

Central Asia's poorest nation in September raised $500mn from its inaugural international bond priced at 7.125% for a 10-year term. The proceeds from the bond are also aimed at the Rogun project.

The finance minister also noted that Tajikistan has spent $140mn on debt servicing since the beginning of this year.

The largest creditors of the country include the Chinese Export-Import Bank ($1.2bn), the World Bank ($300mn), the International Monetary Fund ($107mn), Asian Development Bank ($225mn) and the Islamic Development Bank ($110mn).

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