Industrial and Commercial Bank of China Limited - Yangon Branch provides MMK 3 billion loan to Acleda MFI Myanmar Co., Ltd. for unspecified purposes

$1.43M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	ACLEDA Bank Plc.
Country	Myanmar
Start Date	Dec 11, 2017
End Date	May 18, 2032
Duration	5,272 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`85722`

Grant Description

Industrial and Commercial Bank of China Limited - Yangon Branch provides MMK 3 billion loan to Acleda MFI Myanmar Co., Ltd. for unspecified purposes On December 11, 2017, Acleda MFI Myanmar Co., Ltd., one of Acleda Bank Plc.'s subsidiaries, entered into a MMK 3,000,000,000 loan agreement for a line of credit with Industrial and Commercial Bank of China Limited - Yangon Branch.

The full MMK 3 billion was drawn down on December 20, 2017. The maturity date is December 20, 2020, which gives a 3-year maturity.

The loan was to be repaid in six semi annual installments starting from June 20, 2018 (giving a grace period of 0.5-years), and its purpose was not specified.

📋 Staff Comments

AidData has inferred the commitment year to be 2017, as this loan is not in the 2016 Annual Report produced by Acleda Bank.

📚 Sources & References

Disclosure Documents
Annual Report 2016
Semi-Annual Report 2019 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.