Overview

CDB provides $50 million loan to BBVA Banco Continental for on-lending purposes

Commitments (Constant USD, 2023)$56,824,857

Commitment Year•2011Country of Activity•PeruDirect Recipient Country of Incorporation•PeruSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2011

Last repayment: Nov 29, 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 Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Banco BBVA Perú (formerly BBVA Banco Continental)

Loan desecription

CDB provides $50 million loan to BBVA Banco Continental for on-lending purposes

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

China Development Bank and Peru’s BBVA Continental Bank signed a $50 million loan agreement to support electronic infrastructure construction activities in Peru in December 2011 (A pursuant to a Memorandum of Understanding (MOU) was signed by both institutions on September 23, 2011). The loan carried a 5-year maturity (final maturity: December 2016). Its (principal) amount outstanding was $50 million as of December 31, 2012, $43 million as of December 31, 2013, $29 million as of December 31, 2014, $15 million as of December 31, 2015, and $8 million as of June 30, 2016.

Staff comments

1. BBVA Perú began operations in Peru in 1951 under the name Banco Continental (or BBVA Banco Continental). The entity operates internationally since its integration into Banco Bilbao Vizcaya in 1995 and has operations in 35 countries. It consolidated its current name and brand in 2019.