Overview

ICBC provides a loan to Korean Air for the acquisition of one Boeing B777-300ER aircraft and one B747-8I aircraft

Commitment Year•2016Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

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

Korean Air Lines Co., Ltd. (KAL)

Loan description

ICBC provides a loan to Korean Air for the acquisition of one Boeing B777-300ER aircraft and one B747-8I aircraft

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2015/2016, the Industrial and Commercial Bank of China (ICBC) entered into a commercial loan agreement with Korean Air Lines Co., Ltd. (KAL) — the flag carrier airline of South Korea headquartered in Seoul and listed on the Korea Exchange — to finance the acquisition of one Boeing B777-300ER aircraft and one B747-8I aircraft.

Staff comments

1. The source says "2015-2016" for when the lawyer in question reviewed the financing. Therefore, AidData has coded 2016 as the commitment date and marked the commitment_date_estimated? field as True, as 2016 is the upperbound (and given that it required review, it is likely it was committed in 2016 since review began in 2015).