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China Eximbank participates in $565 million syndicated loan with Pakistan’s Ministry of Finance in July 2018 to shore up foreign exchange reserves
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Pakistan |
| Country | Pakistan |
| Start Date | Jul 01, 2018 |
| End Date | Apr 14, 2031 |
| Duration | 4,670 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 105801 |
Grant Description
ICBC, China Eximbank, Postal Saving Bank and Bank of Zhengzhou contribution to $565 million syndicated loan with Pakistan’s Ministry of Finance in July 2018 In July 2018, Pakistan’s Ministry of Finance signed a $565 million syndicated loan agreement with 5 banks, including Credit Suisse, the Export-Import Bank of China, the Industrial and Commercial Bank of China (ICBC), the Paris Branch of Bank of Zhengzhou, and the Beijing Changping subbranch of Postal Savings Bank of China.
Credit Suisse and ICBC served as lead advisors, joint mandated lead managers, and bookrunners; the Paris Branch of Bank of Zhengzhou and the Beijing Changping subbranch of Postal Savings Bank of China served as lead arrangers.
The borrower was expected to use the proceeds of the loan to shore up the country’s official foreign exchange reserves.
Staff Comments
- The exact monetary value of China Eximbank's contribution to the syndicated loan is unknown. For the time being, AidData assumes equal contributions ($113 million) across the five known members of the syndicate. This issue warrants further investigation.
- 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.
Sources & References
- Chapter 09 Public Debt Pakistan Economic Survey 2023-24
- Achievement Awards 2018: Country Awards
- Why Chinese banks are turning wary of Pakistan loans
- Country Awards for Excellence 2019: Asia
- Pakistan
- Sri Lanka fuel sovereign loan push
- Pakistan sovereign returns for $450m loan
- Pakistan hires UAE banks to raise $200 million loan
- Credit Suisse Announces Head of Syndicate for Southeast Asia in its Asia Pacific Financing Group
- QUARTERLY STATISTICAL BULLETIN ON FOREIGN ECONOMIC ASSISTANCE 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.
All Grantees
Government of Pakistan
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