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ICBC provides $500 million loan to shore up Pakistan’s foreign exchange reserves in January 2021 (Linked to Record ID#96258, 92625, 92619)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | State Bank of Pakistan (SBP) |
| Country | Pakistan |
| Start Date | Jan 21, 2021 |
| End Date | Jul 20, 2028 |
| Duration | 2,737 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 92624 |
Grant Description
On October 29, 2020, ICBC provided a $500 million loan to the State Bank of Pakistan to shore up the country’s foreign exchange reserves (as captured via Record ID#92625).
The loan was fully disbursed by March 2021.
Then, on January 21, 2021, ICBC provided a $500 million loan to the State Bank of Pakistan to shore up the country’s foreign exchange reserves (as captured via Record ID#92624).
The loan was fully disbursed by March 2021.
On February 22, 2021, ICBC provided a $300 million loan to the State Bank of Pakistan to shore up the country’s foreign exchange reserves (as captured via Record ID#92619).
The loan was fully disbursed by March 2021. All three ICBC loans (worth $1.3 billion) were repaid by the SBP by March 2023.
In March 2023, Pakistan’s Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar, also announced that the State Bank of Pakistan had secured a $1.3 billion rollover facility agreement with ICBC to shore up Pakistan’s foreign exchange reserves (as captured via Record ID#96258).
It was scheduled for disbursement in 3 installments. The first installment of $500 million disbursed on March 3, 2023. The second installment of $500 million disbursed on March 17, 2023. The third installment of $300 million disbursed on April 14, 2023.
Under a staff-level agreement with the IMF that was slated for signature on February 28, 2023, the SBP was required to build its foreign exchange reserves reserves to a minimum of $10 billion to cover the country’s import bill for two months.
Staff Comments
- 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.
- The EAD Project ID number is ICBC-500-JAN21
Sources & References
- March 2021 Monthly Bulletin
- MONTHLY REPORT Foreign Economic Assistance
- January 2021 Monthly Bulletin Foreign Economic Assistance
- Statistical Supplement: Pakistan Economic Survey
- April 2021 MONTHLY REPORT Foreign Economic Assistance 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
State Bank of Pakistan (SBP)
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