Overview

ICBC contributes to $750 million syndicated loan to Africa Finance Corporation for on-lending purposes in April 2023

Commitments (Constant USD, 2023)$107,142,857

Commitment Year•2023Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalOverseas Jurisdiction•United KingdomSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 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

ICBC (London) PLC

Cofinancing agencies

Private Sector

FirstRand Bank (FirstRand Limited)
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)

Receiving agencies

Intergovernmental Organizations

Africa Finance Corporation (AFC)

Loan description

ICBC contributes to $750 million syndicated loan to Africa Finance Corporation for on-lending purposes in April 2023

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2023, Africa Finance Corporation signed a $750 million syndicated term loan facility agreement with First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), acting through its Rand Merchant Bank division, ICBC (London) plc, Mashreqbank PSC, MUFG Bank, Ltd., Standard Chartered Bank and SMBC Bank International plc for unspecified purposes. The borrowing terms of the loan are unknown.

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 ICBC (London) Plc’s contribution to the syndicate is unknown. For the time being, AidData assumes equal contributions ($107,142,857) across the 7 known members of the syndicate. This issue warrants further investigation.