Active Development AidData Chinese Aid

ICBC (Europe) Paris Branch contribute to $250 million syndicated loan to Afreximbank for on-lending purposes in September 2016 (Linked to Record ID#92362 and #92364)

$16.67M USD

Funder	Industrial and Commercial Bank of China (Europe) S.A. (ICBC (Europe))
Recipient Organization	African Export-Import Bank (Afreximbank)
Country	Africa, regional
Start Date	Sep 12, 2016
End Date	Jul 06, 2028
Duration	4,315 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`92363`

Grant Description

China Eximbank, ICBC, and Shanghai Rural Commercial Bank contributions to USD 250 million syndicated loan to Afreximbank for on-lending purposes in September 2016 On September 12, 2016, the African Export-Import Bank (Afreximbank) signed a $250 million syndicated loan facility agreement with a group of 15 banks for on-lending purposes.

Participants in the lending syndicate included Paris Branch of the Export-Import Bank of China; China Merchants Bank Co., Ltd; Shanghai Rural Commercial Bank Co., Ltd.; Industrial and Commercial Bank of China (Europe) S.A. acting through its Paris Branch; CTBC Bank Co., Ltd, Offshore Banking Branch; E.

Sun Commercial Bank, Ltd; Land Bank of Taiwan, Offshore Banking Branch; Mega International Commercial Bank Co., Ltd., Offshore Banking Branch; Bank of Taiwan, Offshore Banking Branch; Standard Chartered Bank, Private Sector; First Commercial Bank, Offshore Banking Branch; KEB Hana Bank London Branch; KEB Hana Bank Paris Branch; Woori Bank Hong Kong Branch; The Shanghai Commercial & Savings Bank, Ltd., Offshore Banking Branch and Taipei Fubon Commercial Bank Co., Ltd.

Standard Chartered Bank acting as sole coordinating bank and documentation agent on the facilities, as well as sole bookrunner on the syndicated facility.

📋 Loan / Grant Terms

💰 Loan Amounthas a five-year tenor (with bullet repayment) and an interest rate of LIBOR plus a 1

It is backed by a repayment guarantee from the Shanghai Branch of the Export-Import Bank of China. This project captures ICBC's contribution to this loan. Record ID#92362 captures China Eximbank's contribution to this loan. Record ID#92364 captures Shanghai Rural Commercial Bank's contribution to this loan.

📋 Staff Comments

The exact sizes of the contributions from China Eximbank, ICBC, and Shanghai Rural Commercial Bank to the loan syndicate are unknown. For the time being, AidData assumes equal contributions ($16,666,666) across the 15 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.
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 closes $300 million China Exim-backed loan
Afreximbank closes $300 million China Exim-backed loan
Afreximbank secures $300m China Exim-backed loan for African trade
Base Offering Memorandum
In loan to Afreximbank
China's Eximbank makes first guarantee outside of China
Afreximbank earns first China Exim guarantee
Afreximbank takes lowest ever margin for two year tranche 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.

All Grantees

African Export-Import Bank (Afreximbank)

Interested in applying for this grant?

Complete our application form to express your interest and we'll guide you through the process.

Apply for This Grant