Active Development AidData Chinese Aid

ICBC contributes to $467 million syndicated loan tranche to Afreximbank for trade financing, debt refinancing, and general corporate purposes in March 2014 (Linked to Record ID#92330)

$13.74M USD

Funder	ICBC (London) PLC
Recipient Organization	African Export-Import Bank (Afreximbank)
Country	Africa, regional
Start Date	Mar 20, 2014
End Date	Oct 26, 2029
Duration	5,699 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92331`

Grant Description

ICBC contributions to USD 774 million dual-currency syndicated loan to Afreximbank for trade financing, debt refinancing, and general corporate purposes in March 2014 On March 20, 2014, the African Export-Import Bank (Afreximbank) signed a $774 million syndicated loan facility agreement with a group of 34 banks for trade financing, debt refinancing, and general corporate purposes.

The loan consisted of two tranches: a $467 million tranche and an EUR 224.4 million tranche.

Participants in the loan syndicate included Arab Banking Corporation (B.S.C.); the Bank of Tokyo-Mitsubishi UFJ, Ltd.; Barclays Bank Egypt SAE; Commerzbank Aktiengesellschaft; First Rand Bank Limited (London Branch); HSBC Bank plc; the Korea Development Bank; the Standard Bank of South Africa Limited, Isle of Man Branch; ICBC (London) plc; KfW IPEX-Bank GmbH; Standard Chartered Bank; and Sumitomo Mitsui Banking Corporation Europe Limited.

Standard Chartered Bank and Sumitomo Mitsui Banking Corporation Europe Limited served as initial mandated lead arrangers and bookrunners.

KfW IPEX-Bank GmbH served as an initial mandated lead arranger, and was later joined by ICBC (London) plc as mandated lead arranger and bookrunner.

Linked Record ID#92330 captures ICBC's contribution to the EUR 224.4 million tranche and this project captures ICBC's contribution to the $467 million tranche.

📋 Staff Comments

The precise size of ICBC’s contribution to the lending syndicate is unknown. For the time being, AidData assumes equal contributions to the dollar-denominated loan tranche ($13,735,294) and the euro-denominated loan tranche (EUR 6.6 million) across the 34 participants in the loan syndicate.
For the time being, AidData assumes that all lenders participated in both tranches. This issue warrants further investigation.
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.

📚 Sources & References

Afreximbank’s closes syndication stage of US$467 million and Euro222.4 million loan facility
Newsletter
Afreximbank signs landmark syndicated loan
Afreximbank closes general syndication of multi-million dollar term-loan facility 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.