Overview

ICBC provides a $400 million USD loan to GE Capital for unspecified purposes

Commitments (Constant USD, 2023)$554,927,108

Commitment Year•2009Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2009

Last repayment (originally scheduled): Nov 30, 2012

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

General Electric Capital Corporation (GECC) (GE Capital)

Loan description

ICBC provides a $400 million USD loan to GE Capital for unspecified purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In December 2009, the Industrial and Commercial Bank of China (ICBC) issued a $400 million USD loan to General Electric Capital Corporation (GECC) — the Delaware-incorporated financial services company and bank and wholly-owned subsidiary of General Electric Co. (GE) that was based in Norwalk, Connecticut — for unspecified purposes. This loan carried a maturity period of three years. The loan came a year after GE Capital had entered, and then quickly exited, the Temporary Liquidity Guarantee Program bailout scheme offered by the U.S. Government.