Loading grant details…
Bank of China contributes to $690 million syndicated loan for Clark Global City Project
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | Clark Global City Corporation |
| Country | Philippines |
| Start Date | Jan 01, 2017 |
| End Date | Apr 02, 2032 |
| Duration | 5,570 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 63671 |
Grant Description
Bank of China contributes to $690 million syndicated loan for Clark Global City Project in 2017 In 2017, Bank of China, Banco de Oro (BDO), and Philippine National Bank (PNB) signed a 10-year $690 million syndicated loan agreement with Clark Global City Corporation — a special purpose vehicle and subsidiary of Udenna Corporation — for the acquisition of shares in Global Gateway Development Corporation (GGDC) and the development of Clark Global City (formerly the Global Gateway Logistics City).
Clark Global City is a planned mixed-use central business district development at the Clark Freeport Zone in Mabalacat, Pampanga, Philippines.
In 2017, the land was acquired by Udenna from GGDC with the proceeds of the loan.
The acquisition of GGDC’s ownership stake in the Clark Global City Project was approved by the Philippine Competition Commission (PCC) on October 19, 2017, and the acquisition was completed on November 14, 2017. The implementation of Clark Global City Project was officially launched on May 29, 2017 and it is ongoing.
The construction of the ‘Three West Building’ in Clark Global City was completed on October 31, 2019.
Staff Comments
1. The individual contribution of Bank of China to the syndicated loan is unknown. For the time being, AidData has estimated the contribution of Bank of China by assuming that the three lenders contributed equal amounts ($230 million) to the $690 million loan syndicate.
Sources & References
- GGDC Celebrates Topping Off Of Three West Aeropark Of Clark Global City In Clark
- Philippines
- BCDA
- Chinese bank tie up for USD4.5-B infra projects
- The Asset Country Awards 2018
- Debts triple in 2017: Find out the 21 banks fueling Duterte crony Dennis Uy?s buying binge
- Udenna expands property business via Clark purchase
- Duterte pal takes full control of $1-B Clark Global City
- Clark Global City
- All Things Lead to Clark
- Duterte crony Dennis Uy breaks commitments in P34B Clark City loan: Find out why BDO
- PNB
- Bank of China don?t mind
- Dennis Uy to bring BGC to Pampanga, 2018 Annual Report
- The promises and challenges of the Philippines’ new climate-resilient city 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
Clark Global City Corporation
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
