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ICBC contributes to $907.5 million syndicated loan to Afreximbank for general corporate purposes and strengthening liquidity position
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | African Export-Import Bank (Afreximbank) |
| Country | Africa, regional |
| Start Date | May 14, 2020 |
| End Date | Mar 02, 2029 |
| Duration | 3,214 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 92946 |
Grant Description
ICBC contributes to $907.5 million dual-currency syndicated loan to Afreximbank for general corporate purposes and strengthening liquidity position in May 2020 On May 14, 2020, African Export-Import Bank (Afreximbank) and 12 financial institutions signed a USD 907.5 million dual-currency syndicated loan.
The facility has one USD-denominated tranche worth USD 485 million and one EUR-denominated tranche worth EUR 390.4 million. The borrowing terms are unknown.
The Industrial and Commercial Bank of China (ICBC), London Branch, participated as a Mandated Lead Arranger and Bookrunner. The exact size of ICBC's contribution is unknown.
Besides ICBC, the following financial institutions also contributed to the USD 907.5 million syndicated loan: Emirates NBD Capital Limited, MUFG, Standard Chartered Bank, Bank ABC, HSBC Bank plc, State Bank of India WBB Bahrain, ICBC London Branch, Mizuho Bank Ltd., RMB, Sumitomo Mitsui Banking Corporation Europe Limited, Commerzbank Aktiengesellschaft Filiale Luxemburg, and First Abu Dhabi Bank PJSC.
The proceeds will be used for general corporate activities, and will strengthen Afreximbank's liquidity position as it implements its USD 3 billion Pandemic Trade Impact Mitigation Facility (PATIMFA).
Staff Comments
- ICBC's individual contribution to the USD 907.5 million loan is unknown. For now, AidData assumes that all 12 banks contributed equal amounts (USD 75,625,000).
- Whether ICBC contributed only to the USD tranche, only the EUR tranche, or to both requires further investigation.
Sources & References
Afreximbank Bucks COVID-19 On Course to Raise over US$1 billion in Syndicated 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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