Active Development AidData Chinese Aid

Bank of China contributes $26 million to $1 billion syndicated loan to South African Reserve Bank (Linked to Record ID#72470, #72435, #72436)

$26M USD

Funder	Bank of China (BOC)
Recipient Organization	South African Reserve Bank (SARB)
Country	South Africa
Start Date	Jun 13, 2003
End Date	Apr 27, 2029
Duration	9,450 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`72468`

Grant Description

In 2003, Bank of China and China Construction Bank contribute to USD 1 billion dual-currency syndicated loan to South African Reserve Bank On June 16, 2003, a syndicate of 27 banks, including the Bank of China (BOC) and China Construction Bank (CCB), signed a $1 billion dual-currency loan facility agreement with the South African Reserve Bank (SARB).

Of the total amount, $500 million of the loan proceeds were used to repay a maturing $500 million gold-denominated term loan facility and the remaining $500 million was added to the SARB foreign exchange reserves.

📋 Loan / Grant Terms

📅 Maturity3 years

💹 Interest Rate1.798%

The borrower was able to draw down on the $1 billion loan in USD and/or EUR. The syndicate was made up of three types of lenders that committed differing amounts.

Mandated Lead Arrangers committed $47.5 million, Co-Arrangers committed $26 million, and Lead Managers commitment USD 14.5 million. As Co-Arrangers, Bank of China (BOC) and China Construction Bank (CCB) each committed USD 26 million. Record ID#72468 captures BOC's contribution. Record ID#72470 captures CCB’s contribution.

On July 18, 2005, the South African Reserve Bank (SARB) borrowed another $1.5 billion to repay this $1 billion dual-currency loan facility agreement dated June 16, 2003 (see Record ID#72468 and #72470) and Tranche B of a dual-currency loan facility agreement dated July 9, 2002 (see Record ID#72472 and #72493).

📋 Staff Comments

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.
AidData has coded the syndicate loan amount currency as USD since that was the face value of the loan provided in Source ID#118927.

📚 Sources & References

On the occasion announcing the successful syndication of the South African Reserve Bank’s USD1 billion Term Loan Facility
Chinese Loans to Africa Database
Statement issued by Mr T.T. Mboweni
Governor of the South African Reserve Bank 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

South African Reserve Bank (SARB)

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