ICBC participates in $650 million syndicated loan with Pakistan’s Ministry of Finance in June 2017 to shore up foreign exchange reserves

📋 Staff Comments

1. The exact monetary value of ICBC's contribution to the syndicated loan is unknown. For the time being, AidData assumes equal contributions ($65 million) across the ten known members of the syndicate. This issue warrants further investigation.
2. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
3. One source (https://www.dropbox.com/scl/fi/jg6inc3i389sb1qvf75pc/Pakistan-Sri-Lanka-fuel-sovereign-loan-push.pdf?rlkey=9tkpo1tbjtpiajxnzfv3s2rfk&dl=0) indicates that 13 banks and 4 Chinese banks (including Bank of Zhengzhou) participated in the syndicate. This issue warrants further investigation.
4. The Government of Pakistan loan identification number is SUISSE-2017.
5. The loan was scheduled to mature in December 2018. However, no official source has yet been identified confirming full repayment. Pending further evidence, project status remains coded as Implementation.

📚 Sources & References

• Chapter 09 Public Debt Pakistan Economic Survey 2023-24
• Pakistan signs up 10 for $650m financing
• Govt takes $450m loan to prop up sliding forex reserves
• The outstanding banks on Asia's frontiers
• Pakistan sovereign returns for $450m loan
• Credit Suisse Announces Head of Syndicate for Southeast Asia in its Asia Pacific Financing Group
• Pakistan
• Sri Lanka fuel sovereign loan push
• Final PCP Year Book 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.