Completed Mixed AidData Chinese Aid

ICBC contributes $60 million to $106 million syndicated buyer’s credit for General San Martin Railway Renovation Project (Linked to Record ID#69024)

$60M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Argentina Ministry of Economy
Country	Argentina
Start Date	Jan 01, 2007
End Date	Aug 31, 2027
Duration	7,547 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`69022`

Grant Description

ICBC and Agricultural Bank of China contributions to USD 106 million syndicated buyer's credit for General San Martin Railway Renovation Project In 2007, the Ministry of Economy and Production of Argentina signed a $106,087,958.55 syndicated buyer’s credit facility (loan) agreement with the Industrial and Commercial Bank of China (ICBC), ABN AMRO Bank, and the Agricultural Bank of China to buy supplies for the General San Martin Railway Renovation Project.

Record ID#69022 captures ICBC’s $60,000,000 contribution to the syndicated loan. Record ID#69024 captures the Agricultural Bank of China’s $26,087,958.55 contribution to the syndicated loan. ABN AMRO Bank N.V. — a Dutch bank — contributed $20,000,00 to the syndicated loan.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: an interest rate of LIBOR plus a 0

📅 Maturity8 years

The borrower also purchased a credit insurance policy from Sinosure.

The borrower was expected to use the proceeds of the loan to finance a commercial contract between the Ministry of Federal Planning, Public Investment and Service the Republic of Argentina and China South Locomotive & Rolling Stock Industry (Group) Corp., Shanghai Golden Source International Economic and Trade Development Co.

Ltd., and CSR Qishuyan Locomotive & Rolling Stock Works (Sifang), which was signed on August 25, 2006 and amended on May 11, 2007.

The purpose of the project was to acquire passenger cars, spare parts, tools, technical services, and technical training for use by the General San Martín Railway (El Ferrocarril General San Martín or FCGSM).

China South Locomotive & Rolling Stock Industry (Group) Corp., Shanghai Golden Source International Economic and Trade Development Co.

Ltd., and CSR Qishuyan Locomotive & Rolling Stock Works (Sifang) were the contractors responsible for project implementation.

The acquired goods and services were put into use on October 24, 2013 on a section of railway that runs between Retiro station and José C Paz station.

📋 Staff Comments

The loan agreement can be accessed in its entirety via https://www.dropbox.com/s/oav0t9a43cbqjgh/anexo_00397263_3.pdf?dl=0.
The calendar day on which of the loan agreement was issued is is unknown (as it was redacted from the loan agreement).
The China-Latin America Commercial Loans Tracker, which is produced by the Inter-American Dialogue, does not capture the ICBC loan that supported this project.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

- Query Re- Chinese Loans to Argentina
Anexo_00397263_2
BOLETIN OFICIAL DE LA REPUBLICA ARGENTINA
BOLETIN OFICIAL Nº 31.382
BOLETIN OFICIAL Nº 31.382
China-Latin America Finance Database
Contract for the Supply of passenger seats, spare parts, tools, technical documents, technical services, and technical training
General San Martín Railway
Los nuevos trenes chinos en el San Martín
Ratifícanse los actos suscriptos por la Secretaría de Transporte del Ministerio de Planificación Federal
Inversión Pública y Servicios, referidos a la adquisición de material tractivo y rodante para el Ferrocarril General San Martín.
US$106,087,958.55 Term Loan Facility Agreement 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.