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ICBC pledges $4 billion credit line to Brazilian mining giant Vale
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Vale S.A. |
| Country | Brazil |
| Start Date | Jan 01, 2014 |
| End Date | Jun 23, 2031 |
| Duration | 6,382 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 38150 |
Grant Description
ICBC pledges $4 billion credit line to Brazilian mining giant Vale in 2014 On May 19, 2015, Brazilian mining giant Vale, the world's leading iron ore producer, signed a Memorandum of Understanding (MoU) with Industrial and Commercial Bank of China (ICBC) for a credit line of up to $4 billion in syndicated loans, bilateral loans, export credits, and commercial financing.
A follow-up agreement was signed between the two parties during a visit of Premier Li Keqiang to Brazil and had a validity of three years. It is unclear whether ICBC ever signed a final financing agreement formally committing these funds.
Sources & References
- China-Latin America Economic Bulletin 2015 Edition
- Gigante minero brasileño Vale firma MdE con empresas chinas
- Vale's Murilo Ferreira seals Chinese iron ore deals as Li Keqiang visits Brazil
- 总理拉美行巴西首站捷报：签铁路水电等270亿美元大单
- China bailout came at right time for Rio Tinto and BHP Billiton rival
- Li Keqiang’s Latin America Trip: More
- Not Different
- 淡水河谷与中国工商银行签署合作谅解备忘录
- Vale Secures Chinese Deals to Build Cash in Iron-Ore Rout
- Brazilian mining giant Vale signs MoUs with Chinese firms
- Vale and ICBC sign Memorandum of Understanding 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
Vale S.A.
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