Overview

ICBC provides a €250 million EUR revolving credit facility to MVM Zrt in 2022 for general corporate purposes

Commitments (Constant USD, 2023)$248,662,929

Commitment Year•2022Country of Activity•HungaryDirect Recipient Country of Incorporation•HungaryOverseas Jurisdiction•AustriaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 14, 2022

Last repayment (originally scheduled): Oct 13, 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

State-owned companies

Magyar Villamos Művek Zártkörűen működő Részvénytársaság (MVM Zrt)

Loan description

ICBC provides a €250 million EUR revolving credit facility to MVM Zrt in 2022 for general corporate purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On October 14, 2022, the Austria Branch of the Industrial and Commercial Bank of China (ICBC) signed a €250 million EUR revolving credit facility (RCF) agreement with Hungarian Electricity Private Limited Company (Magyar Villamos Művek Zártkörűen működő Részvénytársaság or MVM Zrt.) — a Hungarian state-owned power company responsible for the production, distribution and sale of electricity — for general corporate purposes. This RCF carried a maturity period of three years. The proceeds from this facility were to be used for general corporate purposes. Taking the drawdowns and repayments made during the reporting period into account, the outstanding amount of long-term loans (net of upfront loan costs) by June 30, 2023 was €100 million EUR.