Overview

ICBC provides BRL 45 million loan to Terminal de Contêineres de Paranaguá (TCP) Participações S.A. for unspecified purposes

Commitments (Constant USD, 2023)$8,997,679

Commitment Year•2020Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 30, 2020

Last repayment (originally scheduled): Mar 30, 2021

Geospatial footprint

Map overview

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The project's loan supported Terminal de Contêineres de Paranaguá (TCP) Participações S.A., which is responsible for Brazil’s port of Paranaguá. More detailed locational information can be found at https://www.openstreetmap.org/relation/11490429.

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

Terminal de Contêineres de Paranaguá (TCP) Participações S.A.

Loan description

ICBC provides BRL 45 million loan to Terminal de Contêineres de Paranaguá (TCP) Participações S.A. for unspecified purposes

Grant element•1.4652%Interest rate (t₀)•6.64%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On March 30, 2020, ICBC do Brasil Banco Múltiplo S.A. signed a BRL 45,000,000 loan agreement with Terminal de Contêineres de Paranaguá (TCP) Participações S.A. — a special purpose vehicle and wholly-owned subsidiary of Kong Rise Development Limited — for unspecified purposes. The loan carried a 1-year maturity and an annual interest rate of CDI plus a 2.1% margin. The other borrowing terms of the loan are unknown. The loan's (principal) amount outstanding was BRL 10,070,000 as of December 31, 2020, BRL 10,210,000 as of June 30, 2021, and BRL 10,461,000 as of December 31, 2021.

Staff comments

1. On January 15, 2020, China-Portugal Cooperation Development Fund (managed by China-Africa Development Fund) and China-LAC Cooperation Fund (managed by the Investment Arm of The Export-Import Bank Of China) — completed the acquisition of a 22.55% ownership stake in TCP Participações S.A. from China Merchants Port Holdings Company Limited. At the time, TCP Participações S.A. reported its enterprise value as $1.1 billion. After the completion of this transaction, Kong Rise Development Limited’s shareholding in TCP Participações S.A. was changed from 90% to 100%. 2. AidData has estimated the all-in interest rate by adding 2.1% to average CDI in January 2020 (4.54%)