Overview

ICBC provides $70 million loan to Banco do Brasil S.A. for on-lending purposes in August 2020

Commitments (Constant USD, 2023)$72,221,367

Commitment Year•2020Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Aug 12, 2020

Last repayment (originally scheduled): Aug 12, 2022

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

State-owned Banks

Banco do Brasil S.A.

Implementing agencies

State-owned Banks

Banco do Brasil S.A.

Loan description

ICBC provides $70 million loan to Banco do Brasil S.A. for on-lending purposes in August 2020

Grant element•7.0306%Interest rate (t₀)•2.03675%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•2 years

Narrative

Full Description

Project narrative

On August 12, 2020, the Industrial and Commercial Bank of China (ICBC) and Banco do Brasil S.A. — a state-owned Brazilian financial services company headquartered in Brasília, Brazil — signed a $70 million loan agreement for on-lending purposes. The loan carried a 2-year maturity (final maturity date: August 12, 2022) and an annual interest rate of 6-month LIBOR plus a 1.7% margin. The loan’s amount outstanding was $70 million as of December 31, 2020 and $70 million as of December 31, 2021.

Staff comments

1. Banco do Brasil S.A. (English: Bank of Brazil) is a Brazilian financial services company headquartered in Brasília, Brazil. The oldest bank in Brazil, and one of the oldest banks in continuous operation in the world, it was founded by John VI, King of Portugal, in 1808. It is the second largest banking institution in Brazil, as well as the second largest in Latin America, and the seventy-seventh largest bank in the world. Banco do Brasil is controlled by the Brazilian government (59% ownership stake), although, is listed at the B3 in São Paulo.