Active Mixed AidData Chinese Aid

ICBC contributes to $320 million syndicated loan tranche to Afreximbank for on-lending purposes in May 2010 (Linked to Record ID#92292)

$6.53M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	African Export-Import Bank (Afreximbank)
Country	Africa, regional
Start Date	May 01, 2010
End Date	Apr 01, 2032
Duration	8,006 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`91953`

Grant Description

ICBC contributions to a USD 500.29 million dual-currency syndicated term loan facility agreement with Afreximbank for on-lending purposes in May 2010 In May 2010, the African Export-Import Bank (Afreximbank) signed a $500.29 million syndicated term loan facility agreement with a group of 49 banks from Europe, Middle East, Africa and Asia for on-lending purposes.

📋 Loan / Grant Terms

💰 Loan Amountcarries a 2-year maturity and an interest rate of LIBOR plus a 3

📅 Maturity2 years

It has two tranches: a $320 million syndicated loan tranche and an EUR 134 million syndicated loan tranche (captured by linked Record ID#92292).

Participants in the syndicated loan included Arab Banking Corp, Bank of Tokyo-Mitsubishi UFJ, Commerzbank, HSBC, Industrial and Commercial Bank of China (ICBC), Raiffeisen Bank International (RBI), Standard Bank, Standard Chartered Bank, and WestLB.

📋 Staff Comments

This loan is not included in the Chinese Loans to Africa Database developed by SAIS-CARI and maintained by the Global Development Policy Center at Boston University.
The precise size of the contribution of ICBC to the loan syndicate is unknown. For the time being, AidData assumes equal contributions to the $320 million loan tranche ($6,530,612) and the EUR 134 million loan tranche (EUR 2,734,693) across the 49 known participants in the loan syndicate.
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.
For the time being, AidData assumes that all lenders participated in both tranches. This issue warrants further investigation.

📚 Sources & References

Loans Awards 2010
Afreximbank signs for six month extendable loan
Afrexim IMLA signings imminent
Afrexim aims for March signing
Afrexim Annual Report 2010
Afrexim closes $490m loan deal 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.