Overview

Bank of China provides a €30 million EUR loan to Fincantieri for unspecified purposes

Commitments (Constant USD, 2023)$34,875,409

Commitment Year•2019Country of Activity•ItalyDirect Recipient Country of Incorporation•ItalySector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 1, 2019

First repayment (originally scheduled): May 1, 2024

Last repayment (originally scheduled): May 1, 2024

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

Bank of China (BOC)

Receiving agencies

State-owned companies

Fincantieri S.p.A.

Loan description

Bank of China provides a €30 million EUR loan to Fincantieri for unspecified purposes

Grace period•5 yearsInterest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

In May 2019, the Bank of China entered into a €30 million EUR bilateral loan agreement with Fincantieri S.p.A. — an Italian shipbuilding company headquartered in Trieste, Italy that constructs commercial and military vessels and, while listed on the Borsa Italiana, is majority-owned (71.32% stake) by CDP Industria S.p.A., a wholly-owned subsidiary of Italian state-owned development bank Cassa Depositi e Prestiti S.p.A. (CDP) — for unspecified purposes. This loan was unsecured and carried a maturity period of five years and a final maturity date in May 2024, where it was repayable in a single installment (a grace period of five years). The borrower fully drew down this loan in 2019.