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CCB contributes to EUR 406.5 million syndicated loan tranche to Afreximbank for trade financing, debt refinancing, and general corporate purposes in July 2015 (Linked to Record ID#92398, #92399, and #92400)
| Funder | China Construction Bank Corporation (CCB) |
|---|---|
| Recipient Organization | African Export-Import Bank (Afreximbank) |
| Country | Africa, regional |
| Start Date | Jul 06, 2015 |
| End Date | Aug 15, 2029 |
| Duration | 5,154 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 92402 |
Grant Description
ICBC and CCB contributions to dual-currency syndicated loan to Afreximbank for trade financing, debt refinancing, and general corporate purposes in July 2015 On July 6, 2015, the African Export-Import Bank (Afreximbank) signed a 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 $458 million tranche and an EUR 406.5 million tranche.
Launched into general syndication on May 20, 2015, the facility was initially supported by the Arab Banking Corporation (B.S.C.); The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Commerzbank Aktiengesellschaft, Filiale Luxemburg; Credit Europe Bank N.V.; Emirates NBD Capital Limited; Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch); HSBC Bank plc.; ICBC (London) plc.; Investec Bank plc.; The Korea Development Bank; Mizuho Bank Ltd.; National Bank of Abu Dhabi PJSC; The Standard Bank of South Africa Limited, Isle of Man Branch; and Standard Chartered Bank, as initial mandated lead arrangers and bookrunners.
They were subsequently joined by Abu Dhabi Commercial Bank PJSC; Bank Sohar S.A.O.G.; China Construction Bank Corporation, Johannesburg Branch; Commercial Bank of Kuwait K.P.S.C.; Doha Bank Q.S.C.; The Commercial Bank (Q.S.C.); Qatar National Bank Paris SAQ; and Sumitomo Mitsui Banking Corporation Europe Ltd., which came in as mandated lead arrangers.
Commerzbank Aktiengesellschaft, Filiale Luxemburg, is the sole coordinating bank and documentation agent, while Standard Chartered Bank is the facility agent. This project captures CCB's contribution to the EUR 406.5 million tranche. Record ID#92400 captures ICBC's contribution. Record ID#92398 captures ICBC's contribution to the $458 million tranche.
Record ID#92399 captures CCB's contribution.
Staff Comments
- The precise size of the contributions of ICBC and China Construction Bank to the loan syndicate are unknown. For the time being, AidData assumes equal contributions to the dollar-denominated loan tranche ($13,470,588) and the euro-denominated loan tranche (EUR 11,955,882) 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 closes largest ever term loan: $458 million and EUR406.5 million dual tranche facility to go to debt repayment, trade finance
- Afreximbank Gets Record $458m And €406.5m Loans For Debt Repayment And Trade Finance
- African Export-Import Bank dual tranche loan facility, 2015-Annual-Report-ENGLISH
- Afreximbank works to increase African footprint as it celebrates landmark term Loan 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)
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