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Overview

ICBC provides $40.9 million loan to Loma Negra Companía Industrial Argentina S.A. for unspecified purposes in 2019

Commitments (Constant USD, 2023)$42,473,773
Commitment Year•2019Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaOverseas Jurisdiction•ArgentinaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2019
Last repayment (originally scheduled)
Nov 30, 2021

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 (Argentina) Limited (ICBC (Argentina))

Receiving agencies

Private Sector

  • Loma Negra Compañía Industrial Argentina S.A.

Loan description

ICBC provides $40.9 million loan to Loma Negra Companía Industrial Argentina S.A. for unspecified purposes in 2019

Grant element•3.29%Interest rate (t₀)•6.14688%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•2 years

Narrative

Full Description

Project narrative

In 2019, Loma Negra Companía Industrial Argentina S.A. (Loma Negra C.I.A.S.A.) signed a $40,919,350 loan agreement with the Industrial and Commercial Bank of China (ICBC) Argentina S.A for unspecified purposes. The loan carried an interest rate of 6-month LIBOR plus a 4.25% margin and a 2-year maturity (final maturity: January 2022). Partial disbursements were to be made subject to the maturity dates of letters of credit. As of December 31, 2019, the amount outstanding under this loan was ARS 2,401.0 million.

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 4.25% to average 6-month LIBOR in 2019 (2.32%)