Narrative
Full Description
Project narrative
In February 2008, JSC Belagroprombank — a state-owned bank in Belarus — signed a $40 million, ‘one year plus one’ trade finance facility agreement with a syndicate of 12 banks. The loan was arranged by Banco Finantia, Commerzbank and UniCredit. AKA Ausfuhrkredit-Gesellschaft, FBN Bank and OTP Bank joined the deal as arrangers. The lead arrangers were Banque de Commerce et de Placements, DZ Bank, and Export-Import Bank of China (China Eximbank). Banco Efisa, Latvijas Hipoteku and NLB InterFinanz were managers. The loan carried an interest rate of LIBOR plus a 3.1% margin.
Staff comments
1. The exact monetary value of China Eximbank’s contribution to the syndicated loan is unknown. For the time being, AidData assumes equal contributions ($3.33 million) across the 12 known members of the syndicate. This issue warrants further investigation. 2. AidData has estimated the all-in interest rate by adding 3.1% to the average 6-month LIBOR in February 2008 (3.00393%). 3. JSC Belagroprombank is a state-owned bank that has been entrusted to serve as a Government Agent for service programs funded by the state authorities. At the time that the loan was contracted, it was the biggest local bank in Belarus by market capitalization and the second largest by assets. It was 99% state-owned and rated B2/B- by Moody's and Fitch