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Overview

Bank of China provides a $100 million AUD revolving loan to the University of New South Wales to fund its infrastructure needs and capital works

Commitments (Constant USD, 2023)$81,566,222
Commitment Year•2017Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EducationFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 3, 2017
First repayment (originally scheduled)
Apr 21, 2022
Last repayment (originally scheduled)
Apr 21, 2022

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

  • Bank of China (BOC)

Receiving agencies

Government Agencies

  • The University of New South Wales (UNSW Sydney)

Loan description

Bank of China provides a $100 million AUD revolving loan to the University of New South Wales to fund its infrastructure needs and capital works

Grace period•4.553 yearsInterest rate (t₀)•2.36%Interest type•Variable Interest RateMaturity•4.553 years

Narrative

Full Description

Project narrative

On or around October 3, 2017, the Bank of China (BOC) entered into a $100,000,000 AUD committed revolving bank facility agreement with The University of New South Wales (UNSW Sydney) — an Australian public research university in Sydney, New South Wales — to fund its infrastructure needs and capital works. This loan carried an interest rate of BBSW plus a margin of 60 basis points (bps) and a final termination (maturity) date of April 21, 2022 (a maturity period of 4.553 years). The borrower had no obligation to repay the outstanding principal prior to the termination (an effective grace period equal to the maturity period of 4.553 years). In 2017, the interest rate was 2.36%. In 2018, the rate ranged from 2.36% to 2.73%. In 2019, the rate ranged from 1.58% to 2.69. In 2020, the rate ranged from 0.71% to 1.58%. The proceeds of this facility were to be used by the borrower to fund its infrastructure needs and capital works. On October 3, 2017, UNSW drew down the full $100,000,000 AUD of the loan. On October 29, 2021, UNSW fully repaid and voluntarily cancelled (fully repaid) the BOC facility.

Staff comments

1. The specific commitment date is unclear, as the drawdown date of October 3, 2017 is known, but drawdowns dates do not necessarily reflect commitment dates. "UNSW 2018 Annual Report" states the loan was "issued and drawn in the last quarter of 2017" (page 65), so the commitment must have come on either October 1st, 2nd, or 3rd. AidData for now has coded October 3, 2017 as the commitment date. 2. AidData has coded 2.36% as the interest rate, as this was the starting interest rate for this loan.