Overview

China CITIC Bank Corporation contributes to $625 million syndicated loan to Africa Finance Corporation for on-lending purposes in May 2023 (Linked to Record ID#108520)

Commitments (Constant USD, 2023)$44,642,857

Commitment Year•2023Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 1, 2023

Last repayment (originally scheduled): Apr 30, 2026

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

China CITIC Bank Corporation Limited

Cofinancing agencies

Private Sector

Doha Bank Q.P.S.C.
FirstRand Bank (FirstRand Limited)
Gulf Bank of Kuwait KSCP (Gulf Bank)
Gunma Bank
Mashreqbank PSC
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
SMBC Bank International PLC (formerly Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE))
Standard Chartered Bank PLC

State-owned Banks

First Abu Dhabi Bank PJSC (FAB)
Industrial Bank of Korea (IBK)
National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK)
Qatar National Bank Q.P.S.C. (QNB)

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Intergovernmental Organizations

Africa Finance Corporation (AFC)

Loan description

China CITIC Bank and ICBC contributions to USD 625 million syndicated loan to Africa Finance Corporation for on-lending purposes in May 2023

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In May 2023, Africa Finance Corporation signed a $625 million syndicated loan agreement with First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), ICBC (London) Plc., Mashreqbank PSC, MUFG Bank, Ltd., Standard Chartered Bank, SMBC Bank International Plc., Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank, The Gunma Bank Limited and Industrial Bank of Korea Limited for on-lending purposes. First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), ICBC (London) Plc., Mashreqbank PSC (acted as agent), MUFG Bank, Ltd., Standard Chartered Bank, and SMBC Bank International Plc. acted as Mandated Lead Arrangers and Bookrunners. The loan carried a 3-year maturity. Its other borrowing terms are unknown. The loan received strong demand and a 62% oversubscription resulting in the loan being upsized from an initial US$500 million.

Staff comments

1. Africa Finance Corporation is a pan-African Multilateral Development Financial Institution established in 2007 by sovereign African states to provide pragmatic solutions to Africa's infrastructure deficit and challenging operating environment. 2. The precise monetary value of China CITIC Bank Corporation’s contribution to the syndicate is unknown. For the time being, AidData assumes equal contributions ($44,642,857) across the 14 known members of the syndicate. This issue warrants further investigation