Active Development AidData Chinese Aid

China Construction Bank contributes $26 million to $1 billion syndicated loan to South African Reserve Bank (Linked to Record ID#72436, #72468, #72435,#72472, #72493)

$26M USD

Funder	China Construction Bank Corporation (CCB)
Recipient Organization	South African Reserve Bank (SARB)
Country	South Africa
Start Date	Jun 16, 2003
End Date	Oct 16, 2031
Duration	10,349 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`72470`

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, the South African Reserve Bank signed a $1 billion loan facility agreement with a syndicate of banks. The syndicate include had 3 different types of lenders who committed differing amounts.

Mandated Lead Arrangers committed $47.5 million, Co-Arrangers committed $26 million, and Lead Managers commitment $14.5 million. As Co-Arrangers, Bank of China and China Construction Bank each committed $26 million.

📋 Loan / Grant Terms

💰 Loan Amounthad a 3 year maturity and an interest rate of 1

📅 Maturity3 years

The borrower was able to draw down on the loan in USD and/or Euro. $500 million of the loan proceeds were to be used by the borrower to repay a maturing $500 million gold-denominated term loan facility and the balance of the proceeds were to be added to the foreign reserves of the South African Reserve Bank.

This project captures China Construction Bank’s contribution to the loan syndicate. Record ID#72468 captures Bank of China’s contribution to the loan syndicate. Record ID#72435 and #72436 capture a syndicated loan used to repay this loan.

📋 Staff Comments

1. 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.