ICBC provides a $300 million USD revolving credit facility to The Regents of the University of California for unspecified purposes

Project narrative

In January 2022, the New York Branch of the Industrial and Commercial Bank of China (ICBC) entered into a $300,000,000 USD revolving credit facility (RCF) agreement with The Regents of the University of California — a California corporation and governing board responsible for the administration of the University of California (UC), a public trust state university system in the U.S. state of California, with the regents' board majority-appointed by the Governor of California — for unspecified purposes. According to the annual reports of the University of California, its RCFs were for the purpose of providing additional liquidity for variable-rate demand bonds, commercial paper, and other liquidity needs, but also could used for capital purposes and to provide financing for buildings and equipment. As of June 30, 2022, the University of California's RCFs (presumably including the ICBC RCF) had not been drawn down. As of June 30, 2023, the University of California's RCFs (presumably including the ICBC RCF) had not been drawn down.