Active Mixed AidData Chinese Aid

China Development Bank provides a $10 million loan to Uruguayan Nuevo Banco Comercial S.A. for on-lending

$10M USD

Funder	China Development Bank (CDB)
Recipient Organization	Nuevo Banco Comercial
Country	Uruguay
Start Date	Nov 15, 2010
End Date	Jul 29, 2029
Duration	6,831 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`38283`

Grant Description

China Development Bank and Uruguayan Nuevo Banco Comercial S.A. signed a 10 million USD cooperative agreement On November 15th, 2010, China Development Bank and Uruguayan New Commercial Bank (now Scotiabank Uruguay S.A.) signed an agreement for a $10 million USD line of credit with a four year maturity period.

The loan would be used for on-lending to small and medium sized enterprises in Uruguay that contribute to trade with China.

Particular industries that will be targeted for financing included those that have high levels of exports to China, particularly the agricultural and agro-processing industry; those that rely on products from industries with high levels of exports from China such as industrial and electronic products; and industries that help facilitate logistics involved in trade itself, such as maritime or road transportation.

📋 Staff Comments

In 2011 the Canadian bank Scotiabank acquired the Uruguayan bank Nuevo Banco Comercial (NBC) [New Commercial Bank]. Agreement may have been suspended following the acquisition of NBC by Scotiabank in 2011. However, although it does not specify what the obligation is, the 'Estados Contables al 31 de diciembre de 2011' lists debt obligations to China while the 2014 end of the year financial statements do not (pages 23 and 24 respectively).

📚 Sources & References

Sin grandes “movidas” comienza la era Scotia en el Nuevo Banco Comercial
Memoria 2010
Estados Contables al 31 de diciembre de 2011
Financial Statements for the year ended December 31, 2014
国家开发银行与乌新商业银行签署1000万美元授信贷款合作协议
Estados Contables al 31 de diciembre de 2010 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

Nuevo Banco Comercial

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