Overview

ICBC Leasing provides a €800 million EUR loan to Silversea Cruises for the construction of three new cruise ships

Commitments (Constant USD, 2023)$1,088,508,426

Commitment Year•2014Country of Activity•MonacoDirect Recipient Country of Incorporation•BahamasSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2014

Geospatial footprint

Map overview

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This project was a loan agreement to fund the construction of three new cruise ships to Monaco-based luxury cruise company Silversea Cruises Ltd., headquartered in the Gildo Pastor Center, 7 Rue du Gabian, 98000 Monaco. More detailed locational information can be found at: https://www.openstreetmap.org/relation/6040851

Stakeholders

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

Funding agencies

State-owned companies

ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

Silversea Cruises Ltd.

Implementing agencies

State-owned companies

Fincantieri S.p.A.

Loan desecription

ICBC Leasing provides a €800 million EUR loan to Silversea Cruises for the construction of three new cruise ships

Interest type•Unknown

Narrative

Full Description

Project narrative

In October 2014, ICBC Financial Leasing Co., Ltd. (ICBCFL; ICBC Leasing) — a Chinese state-owned leasing company and wholly-owned subsidiary of the Industrial and Commercial Bank of China (ICBC) — entered into a €800 million EUR ($1 billion USD) loan agreement with Silversea Cruises Ltd. — a Bahamas-incorporated Monaco-headquartered ultra-luxury and expedition travel brand operating cruise ships — reportedly for the construction of three new cruise ships by Fincantieri S.p.A..

Staff comments

1. While the sources refer to this as "financing", it is clear from context it is debt/loan of some kind, ergo AidData has coded it accordingly.