Overview

CDB provides loan to Banco Security for on-lending purposes in April 2019

Commitment Year•2019Country of Activity•ChileDirect Recipient Country of Incorporation•ChileSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 28, 2019

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 Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Banco Security

Loan description

CDB provides loan to Banco Security for on-lending purposes in April 2019

Interest rate (t₀)•2.9%Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

On April 28, 2019, China Development Bank and Banco Security (智利智定银行) signed an interbank loan agreement. The face value of the loan is unknown. While the loan carried a 2.9 interest rate, its other borrowing terms are unknown. Banco Security used the proceeds of the loan to finance (on-lend to) nine solar power projects, adding a total installed capacity of 46.9 megawatts (MW).

Staff comments

1. Banco Security, the banking unit of Chilean diversified financial conglomerate Grupo Security, is focused on providing commercial banking services to large and midsize companies and high-income individuals. 2. More research is needed to identify the specific solar power projects that were financed with the CDB loan.