Project ID: 38172

China Eximbank provides $1 billion loan to Petrobras Global Trading B.V. to fund capital projects

Commitment amount

$ 1180804508.358467

Adjusted commitment amount

$ 1180804508.36

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Brazil

Sector

Energy (Code: 230)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2016-01-01

Actual start

2016-10-24

Description

Following a visit by Premier Li Keqiang to Brazil, China Eximbank and Petróleo Brasileiro S.A. (Petrobras) signed an agreement regarding a potential $2 billion loan to fund capital projects. Then, on October 24, 2016, China Eximbank issued a $1 billion line of credit to PGT BV with a final maturity date of May 23, 2019. $900 million of the $1 billion credit line was drawn down by the borrower in May 2018. PGT BV was expected to withdraw an additional $100 million from the credit line in May 2019. The borrower ultimately drew down the entire credit line, but the precise date of the final drawn down is unknown.

Number of official sources

3

Number of total sources

9

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Details

Cofinanced

No

Direct receiving agencies [Type]

Petrobras Global Trading B.V. (PGT BV) [State-owned Company]

Loan Details

Maturity

3 years

Bilateral loan

Investment project loan