Overview

China Construction Bank provides $50 million loan to the Industrial Development Corporation of South Africa Limited (IDC) for on-lending and recapitalization purposes

Commitments (Constant USD, 2023)$69,365,888

Commitment Year•2009Country of Activity•South AfricaDirect Recipient Country of Incorporation•South AfricaOverseas Jurisdiction•South AfricaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 1, 2009

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 Construction Bank Corporation (CCB)

Receiving agencies

State-owned Banks

Industrial Development Corporation of South Africa Ltd

Implementing agencies

State-owned Banks

Industrial Development Corporation of South Africa Ltd

Loan desecription

China Construction Bank provides $50 million loan to the Industrial Development Corporation of South Africa Limited (IDC) for on-lending and recapitalization purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In April 2009, the Johannesburg Branch of China Construction Bank Corporation (CCB) signed a $50 million commercial loan agreement with the Industrial Development Corporation of South Africa Limited (IDC). The borrowing terms of the loan are unknown. However, it is known that the loan proceeds were expected to increase IDC's lending capacity in general and recapitalize its export finance loan book.

Staff comments

1. The Industrial Development Corporation of South Africa Limited (IDC) is a state-owned development finance institution that provides funding and support for industrial development in South Africa and Africa.