Chinese overseas lending / UZB
Uzbekistan: debt owed to China
In 2021, Uzbekistan is estimated to have owed China $5.55bn, equal to 7.2% of its GDP, which ranks it 25 of 126 borrowers in the panel by dollars owed. The estimated stock peaked at $5.55bn in 2021.
The estimated stock, 2000 to 2021
The largest single-year move in the estimated stock is 2009, when it rose by $1.41bn.
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending. Selection: estimated stock owed to China by Uzbekistan, by year and instrument, 2000 to 2021. Zeros are estimated zeros (no known loans outstanding), not missing values. Methodology
Historical loan records from the 2021 release
These records come from the 2021 HRT Mendeley replication release, not the November 2025 refreshed stock panel charted above. The refresh uses the updated Franz, Horn, Parks, Reinhart and Trebesch methodology, so this table cannot be reconciled to the chart. The earlier release marks 27 loan-level records for Uzbekistan as part of its debt-estimate sample, spanning 2001 to 2017. Comparable commitments are available for 26 of those loans and sum to $5.81bn. These are gross commitments, not outstanding debt stocks. The stock methodology applies disbursement and amortisation profiles, with imputation where loan terms are missing, so the commitment sum must not be compared with the stock above. See the methodology. Terms are sparse by source: interest rate appears on 10 loans, grace period on 11, maturity on 12, any of the three on 14, and all three together on 7. The earlier file also carries 10 additional project rows for Uzbekistan outside that sample, so they are not included in this table.
| Year | Project | Commitment, USD | Commitment, source currency | Terms | Creditor | Type |
|---|---|---|---|---|---|---|
| 2017 | Gas to Oil Processing Plant ID: UZB_36 · Source: BU Energy | $1.20bn | n/a | rate n/a | grace n/a | maturity n/a | China Development Bank (CDB) State-owned policy bank | Loan Commercial · borrower SOE |
| 2017 | Upgrade of Three Hydro Power Plants ID: UZB_37 · Source: BU Energy | $240m | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2014 | China Development Bank disburses Uzbekistan 100 million USD to construct mobile operator ID: UZB_33 · Source: AidData | $100m | USD 100,000,000 | rate 4.3% | grace 3y | maturity 9y | China Development Bank (CDB) State-owned policy bank | Loan Commercial · borrower Central government |
| 2014 | China Exim Bank & CCETG fund and implement Uzbekistani coal production upgrade project ID: UZB_34 · Source: AidData | $90m | USD 89,500,000 | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2013 | China Exim Bank loans Uzbekistan 350 million USD for railway tunnel ID: UZB_30 · Source: AidData | $350m | USD 350,000,000 | rate 2.25% | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower SOE |
| 2013 | China Exim Bank loans Uzbekistan 300 million USD for PVC plant construction ID: UZB_29 · Source: AidData | $300m | USD 300,000,000 | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2013 | China Exim Bank loans Uzbekistan 165.6 million USD for thermal plant construction ID: UZB_28 · Source: AidData, BU Energy | $166m | USD 165,600,000 | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2012 | China Development Bank loans Uzbekistan 220 million USD for thermal plant rehabilitation ID: UZB_24 · Source: AidData, BU Energy | $220m | USD 220,000,000 | rate 4.29% | grace 3y | maturity 15y | China Development Bank (CDB) State-owned policy bank | Loan Commercial · borrower SOE |
| 2012 | China EXIM Bank loans Uzbekistan 50 million USD for soda plant expansion ID: UZB_25 · Source: AidData | $50m | USD 50,000,000 | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2012 | China EXIM bank loans Uzbekistan 37.1 million USD for construction of high voltage line ID: UZB_26 · Source: AidData, BU Energy | $37m | USD 37,100,000 | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2011 | Central Asia-China Gas Pipeline Route C Co-Financed with CNPC ID: UZB_20 · Source: BU Energy | $2.20bn | n/a | rate n/a | grace n/a | maturity n/a | China Development Bank (CDB), China National Petroleum Corporation (CNPC) State-owned enterprise | Loan Commercial · borrower SPV |
| 2011 | China Development Bank loans $50 million USD to Uzbekistan for high tech park ID: UZB_21 · Source: AidData | $50m | USD 50,000,000 | rate n/a | grace n/a | maturity n/a | China Development Bank (CDB) State-owned policy bank | Loan Commercial · borrower SOE |
| 2011 | Exim Bank loans $42.17 million USD for the purchase of freight locomotives ID: UZB_23 · Source: AidData | $42m | USD 42,170,000 | rate 2.25% | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2011 | China EXIM Bank loans Uzbekistan 42 million USD to construct phase 2 of Dehkanabad potash plant ID: UZB_22 · Source: AidData | $42m | USD 42,000,000 | rate n/a | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2010 | China EXIM Bank loans Uzbekistan 70 million USD for gas network construction ID: UZB_17 · Source: AidData | $70m | USD 70,000,000 | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2010 | China EXIM bank loans Uzbekistan 41.7 million USD for construction of phase one of Dehkanabad potash plant ID: UZB_18 · Source: AidData | $42m | USD 41,700,000 | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2009 | China loans Uzbekistan $70.11m for purchase of Chinese electric locomotives ID: UZB_15 · Source: AidData | $70m | USD 70,110,000 | rate 2% | grace 5y | maturity 20y | Unspecified Chinese government agency Unspecified Chinese government agency | Loan Concessional · borrower Central government |
| 2009 | Tashkent Power Supply Renovation ID: UZB_16 · Source: BU Energy | $26m | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2007 | China Exim Bank loans Uzbekistan 177.6 million USD for purchase of oil rig equipment ID: UZB_13 · Source: AidData, BU Energy | $178m | USD 177,600,000 | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2007 | China EXIM Bank loans 44.97 million USD loan for construction of water pipeline in Uzbekistan ID: UZB_12 · Source: AidData | $45m | USD 44,970,000 | rate 2% | grace 5y | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2007 | Akhangaran water reservoir and Andijan HPP-2 ID: UZB_11 · Source: BU Energy | $18m | n/a | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower Central government |
| 2006 | China's Exim Bank signs 5 loans worth 197 million USD with Uzbekistan ID: UZB_10 · Source: AidData | $197m | USD 197,000,000 | rate n/a | grace n/a | maturity n/a | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan loan type n/a · borrower SOE |
| 2004 | China commits 300 million RMB in export credits, 200 mn RMB of which are used ID: UZB_8 · Source: AidData | $24m | RMB 200,000,000 | rate 2% | grace n/a | maturity 20y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower Central government |
| 2004 | China offers 50 million yuan interest-free loan to Uzbekistan in developing agriculture ID: UZB_9 · Source: AidData | $6.04m | RMB 50,000,000 | rate 0% | grace n/a | maturity n/a | China Ministry of Commerce (MofCom) Chinese government | Loan Zero-Interest Loan · borrower Central government |
| 2003 | ICBC loans 32.3 million USD for Kungrad Soda Plant in Uzbekistan ID: UZB_7 · Source: AidData | $32m | USD 32,300,000 | rate n/a | grace n/a | maturity n/a | Industrial and Commercial Bank of China (ICBC) State-owned commercial bank | Loan Commercial · borrower Central government |
| 2001 | China EXIM bank provides 100 million CNY loan to Uzbekistan for 2500 tractors ID: UZB_2 · Source: AidData | $12m | RMB 100,000,000 | rate 4% | grace 3y | maturity 10y | China Export-Import Bank (Ex-Im) State-owned policy bank | Loan Concessional · borrower SOE |
| 2001 | China provides interest-free loan to Uzbekistan ID: UZB_6 · Source: AidData | n/a | n/a | rate 0% | grace n/a | maturity n/a | China Ministry of Commerce (MofCom) Chinese government | Loan Zero-Interest Loan · borrower Central government |
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending (2021 Mendeley replication loan file). Selection: 2021 replication loan records mapped to Uzbekistan and flagged DebtEstimateSample = 1 in that release. This is an earlier source universe, not the records used for the November 2025 refreshed stock panel. CommitmentUSD is a gross commitment flow and is not comparable to the charted stock. Commitment stays in its source currency, and ProjectDescription is rendered as free-text data from the file. Methodology
Against what Uzbekistan reports owing to all creditors
Uzbekistan reported $44.87bn of total external debt to all creditors in 2021, of which $25.96bn is public and publicly guaranteed. The China estimate is 12.4% of the reported external total and 19.8% of the reported public and guaranteed stock. These are ratios of two different measurements, one estimated and one borrower-reported, and they are not a share of a single consistent total.
| Measure, 2021 | Estimated, owed China | Reported, all creditors | Ratio, % |
|---|---|---|---|
| Total external debt | $5.55bn | $44.87bn | 12.4% |
| Public and publicly guaranteed | $5.14bn | $25.96bn | 19.8% |
Source: Horn, Reinhart and Trebesch, China’s Overseas Lending (estimated stocks), and World Bank International Debt Statistics, borrower-reported via the Debtor Reporting System (all-creditor stocks). Selection: estimated external and PPG stock owed to China in 2021 against Uzbekistan's reported DT.DOD.DECT.CD and DT.DOD.DPPG.CD for the same year. Drawn swap balances are excluded from the estimated column: they are a central-bank liability the Debtor Reporting System's long-term-debt concepts do not carry. Methodology