Active Commercial AidData Chinese Aid

Bank of China contributes $10 million USD to $200 million USD syndicated loan for Rural Electrification Corporation for unspecified purposes

$10M USD

Funder	Bank of China (BOC)
Recipient Organization	REC Limited
Country	India
Start Date	May 17, 2007
End Date	Jun 27, 2029
Duration	8,077 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98324`

Grant Description

Bank of China contribution to USD 200 million syndicated loan for Rural Electrification Corporation for unspecified purposes Between May 11 and 17, 2007, a syndicate of banks — including the Bank of China (BOC) — entered into a $200 million USD syndicated loan agreement with Rural Electrification Corporation Limited (now known as REC Limited) — an Indian company that finances and promotes power projects that is majority-owned by Indian central public undertaking Power Finance Corporation Limited (PFC), itself owned by India's Ministry of Power — for unspecified purposes.

📋 Loan / Grant Terms

💰 Loan Amountcarried a maturity period of five years

BOC contributed $10 million USD to the loan as an arranger.

In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: DEPFA Bank ($66 million USD), Standard Chartered Bank ($33 million USD), Kommunalkredit International Bank ($22 million USD), BNP Paribas ($20 million USD), Bank of Taiwan ($10 million USD), the Export-Import Bank of the Republic of China ($6 million USD), Cathay United Bank ($5 million USD), Intesa Sanpaolo ($5 million USD), and Mega International Commercial Bank ($3 million USD).

BNP Paribas and Standard Chartered Bank served as original mandated lead arrangers and bookrunners and pre-funded the deal. DEPFA Bank, DZ Bank, and Kommunalkredit International Bank served as mandated lead arrangers. BOC and Bank of Taiwan served as arrangers.

Export-Import Bank of the Republic of China, Cathay United, Intesa Sanpaolo, and Mega International Commercial served as lead managers.

📋 Staff Comments

1. A 6-month LIBOR was assumed. AidData has coded the interest rate 5.849% (AidData calculated the interest rate as follows: 5.369% [average 6-month LIBOR in May 2007] + 0.48% [48 basis points] = 5.849%).

📚 Sources & References

Loan Week
May 11-17 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.