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Overview

ICBC provides RMB 2,489,696 in import financing loans to Edenor

Commitments (Constant USD, 2023)$351,630
Commitment Year•2023Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 1, 2023
Start (actual)
Oct 1, 2023
End (actual)
Dec 31, 2024

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

State-owned companies

  • Empresa Distribuidora y Comercializadora Norte S.A (Edenor)

Loan description

ICBC provides RMB 2,489,696 in import financing loans to Edenor

Interest rate (t₀)•15.5%Interest type•Fixed Interest Rate

Narrative

Full Description

Project narrative

In the first quarter of 2023, Empresa Distribuidora y Comercializadora Norte S.A (Edenor) borrowed multiple import financing loans from the Industrial and Commercial Bank of China (ICBC) totaling at least $893,508. These borrowings carried maturities of, at most, 1 year and an interest rate of 14%. The amount outstanding under these loans at both June 30, 2023 and September 30, 2023 was $449,896. Then, in the fourth quarter of 2023, Edenor borrowed multiple import financing loans from ICBC worth RMB 2,489,696 in total. These borrowings carried maturities of no more than 1.25 years and an interest rate of 15.5%.

Staff comments

1. Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) is the largest Argentine distributor of electricity. It is headquartered in Buenos Aires. Edenor was incorporated in 1992 as a result of the privatization of state-owned Servicios Eléctricos del Gran Buenos Aires. 2. RMB-denominated import financing loans do not appear on Edenor's September 2023 interim financial statements, nor do they appear on financial statements for the year ended December 31, 2024. While this indicates their maturities cannot be longer than 1.25 years, there is insufficient information to identify a lower-bound estimate for the maturity period. Thus, AidData has left the maturity field empty for the time being.