Overview

ICBC International Finance Limited provides $66.22 million loan to Navigation Maritime Bulgare AD for fleet expansion in 2023

Commitments (Constant USD, 2023)$66,220,000

Commitment Year•2023Country of Activity•BulgariaDirect Recipient Country of Incorporation•BulgariaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2023

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

Navigation Maritime Bulgare

Loan description

ICBC International Finance Limited provides $66.22 million loan to Navigation Maritime Bulgare AD for fleet expansion in 2023

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2023, ICBC International Finance Limited and Navigation Maritime Bulgare AD (NAVIBULGAR or Navibulgar Shipping Company) — a private Bulgarian shipping company — signed a $66.22 million ship financing (loan) agreement. The proceeds of the loan were expected to be used by the borrowing to expand and upgrade its shipping fleet. The borrowing terms of the loan are unknown.

Staff comments

1. ICBC International Finance Limited is a wholly-owned subsidiary of Industrial and Commercial Bank of China (ICBC). 2. Djingov Gouginski Kyutchukov & Velichkov served as legal counsel to the lender.