Overview

ICBC (Dubai Branch) provides $65 million loan to Loma Negra Companía Industrial Argentina S.A. for unspecified purposes in November 2017

Commitments (Constant USD, 2023)$69,168,215

Commitment Year•2017Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaOverseas Jurisdiction•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 1, 2017

First repayment (originally scheduled): May 1, 2018

Last repayment (originally scheduled): Jun 1, 2020

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

Loma Negra Compañía Industrial Argentina S.A.

Loan description

ICBC provides $65 million loan to Loma Negra Companía Industrial Argentina S.A. for unspecified purposes in November 2017

Grace period•1 yearsGrant element•5.4333%Interest rate (t₀)•6.67233%Interest type•Variable Interest RateLoan tenor•3-month rateMaturity•3 years

Narrative

Full Description

Project narrative

In May 2017, Loma Negra Companía Industrial Argentina S.A. (Loma Negra C.I.A.S.A.) signed a $65 million loan agreement with the Dubai Branch of the Industrial and Commercial Bank of China (ICBC) for unspecified purposes (captured via Record ID#105807. The loan carried an interest rate of 3-month LIBOR plus a 5.5% margin, a 3-year maturity, and a 1 year grace period (final maturity: June 2020). Then, in May 2019, the maturity of the loan was extended (captured via Record ID#105816). However, as of December 31, 2020, the loan had been repaid in full.

Staff comments

1. Loma Negra Companía Industrial Argentina S.A. is an Argentine manufacturer and the country's leading maker of cement, concrete, and lime. It is currently a subsidiary of InterCement Participações, a company of the Brazilian conglomerate Mover Participações. 2. AidData has estimated the all-in interest rate by adding 5.5% to average 3-month LIBOR in May 2017 (1.18585%).