CDB provides $1 billion loan to América Móvil for Telecommunications Network Infrastructure Project and acquisition of Huawei equipment and services
Commitment amount
$ 1502010048.2747922
Adjusted commitment amount
$ 1502010048.27
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Mexico
Sector
Communications (Code: 220)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
According to a filing with the U.S. Securities and Exchange Commission (SEC), China Development Bank and América Móvil signed a $1 billion loan agreement on April 28, 2009 for a telecommunications network infrastructure project and for the purchase of telecommunications equipment and services from Huawei Technologies Co., Ltd.. CDB was the lender, sole lead arranger, and agent. The loan had a maturity of 10 years and an interest rate of 3-month LIBOR plus a 1% margin. The proceeds of the loan were to be used by the borrower to modernize and expand América Móvil's telecommunications network in Latin America.
Additional details
1. AidData has estimated the all-in interest rate by adding 1% to average 3-month LIBOR in April 2009 (1.133%).
Number of official sources
4
Number of total sources
12
Details
Cofinanced
No
Direct receiving agencies [Type]
América Móvil [Private Sector]
Implementing agencies [Type]
Huawei Technologies Co., Ltd. [Private Sector]
Loan Details
Maturity
10 years
Interest rate
2.133%
Grant element (OECD Grant-Equiv)
27.5792%