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Overview

Industrial and Commercial Bank of China provides MXN 400 million loan to City Express Hotels

Commitments (Constant USD, 2023)$20,946,814
Commitment Year•2018Country of Activity•MexicoDirect Recipient Country of Incorporation•MexicoSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 24, 2018
End (actual)
Jan 1, 2022
Last repayment (originally scheduled)
May 23, 2023

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

Private Sector

  • City Express Hotels

Loan description

Industrial and Commercial Bank of China provides MXN 400 million loan to City Express Hotels

Grant element•0%Interest rate (t₀)•10.175%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

On May 24, 2018, the Industrial and Commercial Bank of China (ICBC) signed an agreement to provide a loan worth MXN 400 million to City Express Hotels. The loan had a maturity of five years, and an interest rate based on the TIIE 28 with a margin of 2.2%. Other information about the loan is unknown. As of December 31, 2018, City Express Hotels owed MXN 379,635,000 to ICBC. Other information about the disbursement timeline is unknown. Then, in 2022, City Express Hotels prepaid all outstanding debt related to the loan with ICBC via payment(s) totaling MXN 302,899,000.

Staff comments

1. It is unclear whether City Express Hotels paid off their outstanding debt in a single payment or multiple, as well as the date(s) the payment occurred. This issue warrants further investigation. 2. According to the Bank of Mexico, TIIE 28 for May 2018 was 7.975%. Therefore, AidData adds the TIEE 28 rate with the margin of 2.2%, which equals to 10.175%.