CDB provides RMB-denominated $200 million loan to BBVA Perú for working capital and trade financing purposes (Linked to Record ID#36364)

📋 Staff Comments

1. BBVA Perú began operating in Peru in 1951 under the name Banco Continental (or BBVA Banco Continental). The entity has operated internationally since its integration into Banco Bilbao Vizcaya in 1995, and has operations in 35 countries. It consolidated its current name and brand in 2019.
2. The Peruvian firm Payet, Rey, Cauvi, Pérez Abogados (Lima) and the Chinese firm DeHeng Law served as legal counsel to China Development Bank.
3. Although the loan was denominated in RMB, its RMB face value is unknown. For the time being, AidData has estimated the RMB face value of the loan by using the prevailing USD-to-RMB exchange rate (1 USD = RMB 7.2475) on the loan commitment date (July 5, 2023). However, this issue warrants further investigation.

📚 Sources & References

• 第三届“一带一路”国际合作高峰论坛务实合作项目清单（附件二全文）
• China signs yuan-denominated loans for Belt and Road Initiative, accelerating de-dollarization
• China ramps up yuan internationalisation under Belt and Road Initiative
• BBVA Perú recibe préstamo de China Development Bank
• Chair’s Statement of the Third Belt and Road Forum for International Cooperation
• BBVA Peru’s $200 Million Credit Facility
• BBVA Perú recibirá crédito de US$200 millones de China Development Bank Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.