China Development Bank provides $23,191,304 loan to State Grid Brazil Holding S.A. in December 2014

China Development Bank loans $23,191,304 to State Grid Brazil Holding S.A. in December 2014 On December 23, 2014, China Development Bank contracted a $23,191,304 loan to State Grid Brazil Holding S.A. for its subsidiary company Expansion Transmissão Itumbiara Marimbondo S.A. (ETIM).

According to page 5 of the report released by State Grid Corporation of China the loan has an interest rate of LIBOR + 2.55% (Dec. 2014 6 month LIBOR average + 2.55 = 2.893%).

Payments of principal and interest will be paid in 8 semiannual installments, beginning on June 20, 2015, and with final maturity on September 24, 2018. It is implied that State Grid International Development Co. Ltd (SGID) is involved, at the very least as guarantor, in this loan. SGID is a state-owned Chinese company that handles investment, construction, and operations of power grids.

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.