Active Development AidData Chinese Aid

ICBC provides $1 billion loan in FY 2017-2018 to shore up Pakistan’s foreign exchange reserves

$1M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	State Bank of Pakistan (SBP)
Country	Pakistan
Start Date	Jul 01, 2017
End Date	Nov 27, 2028
Duration	4,167 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`89488`

Grant Description

ICBC provides $1 billion loan in FY 2017-2018 to shore up Pakistan’s foreign exchange reserves In Fiscal Year 2017-2018, the Industrial and Commercial Bank of China (ICBC) provided a $1 billion loan to the State Bank of Pakistan to shore up the country’s foreign exchange reserves.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: a 3-year maturity

📅 Maturity3 years

⏳ Grace Period3 years

📋 Staff Comments

The precise loan commitment date is unknown. This issue requires further investigation. For the time being, AidData assumed that the loan contracted in Fiscal Year 2017-2018 was contracted in calendar year 2017, and the commitment date is coded as July 1, 2017.
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

Another $1 billion loan makes its way from China, 2018-2019 Pakistan Economic Survey: Statistical Supplement, 2019-2020 Pakistan Economic Survey
Statistical Supplement to the Pakistan Economic Survey 2019-2020
Satistical Supplement Pakistan Economic Survey 2019-2020
Statistical Supplement: Pakistan Economic Survey, (295th Session) SENATE SECRETARIAT 'QUESTIONS FOR ORAL ANSWERS AND THEIR REPLIES' to be asked at a sitting of the Senate to be held on Friday, the 17th January, 2020 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.