Overview

ICBC provides $300 million to Vale S.A. for unspecified purposes

Commitments (Constant USD, 2023)$300,000,000

Commitment Year•2023Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilOverseas Jurisdiction•PanamaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 1, 2023

Last repayment (originally scheduled): Feb 28, 2028

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

Vale S.A.

Loan description

ICBC provides $300 million to Vale S.A. for unspecified purposes

Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In March 2023, the Panama Branch of the Industrial and Commercial Bank of China (ICBC) provided a $300 million to Vale S.A. -- a Brazilian multinational corporation engaged in metals and mining and one of the largest logistics operators in Brazil -- for unspecified purposes. The loan was indexed to SOFR with spread adjustments and will reach maturity in 2028.

Staff comments

1. Vale is the largest producer of iron ore and nickel in the world.