Active Mixed AidData Chinese Aid

ICBC contributes to a $300 million USD syndicated loan to South Africa's Investec Bank Limited for refinancing purposes (linked to Record ID#s #98650, 98651, 98652)

$30M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Investec Bank Limited
Country	South Africa
Start Date	Mar 20, 2018
End Date	Dec 05, 2032
Duration	5,374 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98695`

Grant Description

In 2018, ICBC contributes to USD 300 million syndicated loan to South Africa's Investec Bank Limited for refinancing purposes On March 20, 2018, ICBC contributed to a $300 million USD syndicated loan to South Africa's Investec Bank Limited. The purpose of this loan was to refinance an April 2016 $635 million USD loan (Record ID#98650, 98651, 98652).

📋 Loan / Grant Terms

💰 Loan Amountcarried a maturity period of two years with a one-year extension option and an interest rate of 3

Commerzbank, ICBC, and Mizuho co-ordinated the new facility and BayernLB was the facility agent. All 12 of the banks came in at the same level as book runner and mandated lead arranger. The rest of the banks were Citi, HSBC, ING, JP Morgan, Lloyds, Mizuho, and MUFG.

📋 Staff Comments

Since no other information was found, Aiddata assumes that each financer contributed equally at 30,000,000 USD.
Aiddata calculates the interest rate by adding the 6-month LIBOR rate (1.839%) + basis points (1.4%) = 3.239%

📚 Sources & References

Investec laps up South Africa’s political clean-up 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.