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Overview

ICBC provides a €10 million EUR loan to Astaldi for unspecified purposes

Commitments (Constant USD, 2023)$12,000,189
Commitment Year•2017Country 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
Sep 25, 2017
Last repayment (originally scheduled)
Sep 25, 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

  • Astaldi S.p.A.

Loan description

ICBC provides a €10 million EUR loan to Astaldi for unspecified purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On September 25, 2017, the Industrial and Commercial Bank of China (ICBC) entered into a €10,000,000 EUR credit line loan agreement with Astaldi S.p.A. — an Italian multinational major construction company based in Rome listed on the Borsa Italiana — for unspecified purposes. This loan carried a maturity period of three years and a final maturity date of September 25, 2020. As of December 31, 2017, €10,000,000 EUR was outstanding. In September 2018, Astaldi requested that its lenders, including ICBC, suspend checking of financial covenants applicable to June 30, 2018, which ICBC granted. For the ICBC loan, the suspension of checks were bound to the completion of a capital increase scheduled for October 2018. As such, the non-current portion of the ICBC debt was reclassified as current until the capital increase could be completed. As of December 31, 2018, €10,000,000 EUR was outstanding. As of June 30, 2020, €10,000,000 EUR was outstanding.

Staff comments

1. At the time of the loan, Astaldi was experiencing financial problems. It entered into bankruptcy in September 2018, and eventually was acquired by Webuild S.p.A.