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China Development Bank extends $150 million line of credit to BICE to support SMEs in 2017 (Linked to Record ID#54558, #54559, #54560)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Bancó de Inversión y Comercio Exterior (BICE) S. A. |
| Country | Argentina |
| Start Date | May 17, 2017 |
| End Date | Feb 21, 2031 |
| Duration | 5,028 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 54562 |
Grant Description
China Development Bank extends $150 million line of credit to BICE to support SMEs in 2017 On May 17, 2017, China Development Bank (CDB) signed a financing agreement with Argentina's Banco de Inversión y Comercio Exterior (BICE), extending a $150 million line of credit to support BICE's efforts to on-lend to local borrowers for projects that promote agro-industrial exports from SMEs in Argentina and explore sustainable energy sources as well as the investment projects undertaken by Chinese companies established in Argentina.
As of December 31, 2018, BICE had drawn down the full $150 million from the line of credit. $50 million was drawn down on October 26, 2017, $42 million was drawn down on December 22, 2017, and $58 million was drawn down on July 5, 2018.
The $150 million credit line agreement came after the completion of a previous agreement to provide a $140 million line of credit over the course of 5-years (as captured via Record ID#54558, #54559, #54560).
According to CDB, the purpose of the $150 million line of credit was to help SMEs in the field of renewable energy, energy infrastructure and agricultural manufacturing.
Staff Comments
- This credit line may have been initially pledged in a Memorandum of Cooperation signed on July 13, 2010 (see Record ID#69339). This issue warrants further investigation.
- The CRS Sector field has been coded as 'Other Multisector' because the $150 million credit line was intended to support SMEs in both the Energy and Industry sectors.
- Banco de Inversión y Comercio Exterior SA (BICE) is a state-owned bank in Argentina.
- On June 29, 2023, CDB and BICE signed an amended version of the $150 million financing agreement, which 'replaced certain risk-free interest rates with the London interbank offered rate as the benchmark for calculating interest payments, thereby improving interest rate risk management. [...] The amendment bolstered the credibility and stability of the interest rate benchmark, enabling both parties to price interest rates more accurately and mitigating the effects of future interest rate fluctuations on borrowing costs.' See https://law.asia/china/china-outbound-deals-award-2024/ and https://law.asia/zh-hans/china/china-outbound-deals-award-2024/
Sources & References
- MEMORIA CORRESPONDIENTE AL EJERCICIO SOCIAL
- Argentina to boost SMBs with Chinese financing
- CDB 2018 Annual Report
- Annual Report 2017
- Annual Report 2018
- 国开行与阿根廷投资外贸银行签署1.5亿美元融资协议
- El BICE cerró un acuerdo en China para financiar a pymes por USD 150 millones
- 对外投资合作国别(地区)指南 阿根廷 (2018年版)
- 中国和阿根廷签署12个合作文件
- 中国和阿根廷签署12个合作文件
- Memoria y Balance 2023
- Consolidated Financial Statements as of 12/31/2022
- Letter to Shareholders and Financial Statements 2021
- Annual Report and Balance Sheet 2020
- Letter to the Shareholders and Financial Statements 2019
- Misión del Banco de Desarrollo Chino analiza una nueva línea de fondeo para pymes argentinas
- Microsoft Word - Notas consolidadas 31-12-22
- China Outbound Deals Award 2024
- 中企出海杰出交易 2024 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
Bancó de Inversión y Comercio Exterior (BICE) S. A.
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