Completed Mixed AidData Chinese Aid

ICBC provides $9 million loan to ABA Bank for unspecified purposes

$9M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Advanced Bank of Asia Limited (ABA Bank)
Country	Cambodia
Start Date	Nov 29, 2016
End Date	Jun 14, 2030
Duration	4,945 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`62374`

Grant Description

ICBC provides $9 million loan to ABA Bank for unspecified purposes On November 29, 2016, the Industrial and Commercial Bank of China (ICBC) provided a US$9 million loan to ABA Bank for unspecified purposes.

According to ABA Annual 2017 Report, ICBC Phnom Penh Branch provided 4 loans to ABA in 2016. -The first loan amounting to US$6 million was obtained on 29 July 2016 (as captured in #62372); -The second loan amounting to US$5 million was obtained on 29 August 2016 (as captured in #62373); -The third loan amounting to US$9 million was obtained on 29 November 2016 (as captured in this project); -The fourth loan amounting to US$14 million was obtained on 30 June 2017 (as captured in #62375).

The interest is payable quarterly, and the principal is repayable on maturities which are three years from the disbursement dates of all four loans. There are no grace periods.

The borrowings are unsecured and bear interest rates ranging from 2.55% to 6.99% per annum (2016: 1.50% to 6.99%) ('Annual Report 2017' pdf p. 56).

📋 Staff Comments

AidData uses the mean interest rate of 4.245% for loans obtained in 2016.Advanced Bank of Asia Limited (ABA Bank) is Cambodia's leading private financial institution (not a state-owned enterprise) founded in 1996 as the Advanced Bank of Asia Limited. It is a subsidiary of National Bank of Canada.

📚 Sources & References

Annual Report 2017
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