Overview

ICBC provides $37.5 million NZD term loan to Victoria University of Wellington for long-term capital development

Commitments (Constant USD, 2023)$25,123,389

Commitment Year•2020Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandSector•EducationFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2020

Last repayment (originally scheduled): Jan 1, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Government Agencies

Victoria University of Wellington

Loan description

ICBC provides $37.5 million NZD term loan to Victoria University of Wellington for long-term capital development

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In 2020, Industrial and Commercial Bank of China (ICBC) entered into a $37.5 million NZD term loan agreement with public research university Victoria University of Wellington. These facilities were approved by the New Zealand Secretary for Education for the purposes of financing the University's long-term capital development program. The facility has a maturity of five years, maturing in January 2025. The interest rates were variable and reset every 180 days. The facility was unsecured, as ICBC receives dhe benefits of various financial and other covenants under a Negative Pledge Deed. ICBC's facility was signed at the same time as facilities provided by BNZ and ASB Bank, but each loan is bilateral.