Completed Commercial AidData Chinese Aid

ICBC provides ARS 975 million loan to Telecom Argentina

$1.08M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Telecom Argentina S.A.
Country	Argentina
Start Date	Apr 13, 2020
End Date	Nov 01, 2030
Duration	3,854 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`93177`

Grant Description

ICBC provides ARS 975 million loan to Telecom Argentina On April 13, 2020, Telecom Argentina signed a ARS 975 million loan contract with the Industrial and Commercial Bank of China (ICBC). The loan had an annual interest rate of BADLAR plus a 9.75%. The loan had a one year maturity period, with the entire principle due April 13, 2021 and interest to be paid monthly.

Telecom's use for the loan proceeds is unknown.

📋 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 rate at the end of April 2020 is taken from the Central Bank of Argentina's Monthly Monetary Report.
It is unclear if the loan contract was signed with ICBC's Argentine branch or a branch based in China; the language used in Telecom's financial statements is 'Banco ICBC S.A.'3. Information about the loan can be found on page 63 of Telecom Argentina's 2020 Financial Statements (Memoria y Estados Financieros).

📚 Sources & References

Telecom Argentina S.A. Memoria y Estados Financieros al 31 de diciembre de 2020
Monthly Monetary Report April 2020
FORM 6-K For the month of November 2020 Commission File Number: 001-13464 Telecom Argentina S.A. 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

Telecom Argentina S.A.

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