China Eximbank provides $1 billion loan to Petrobras Global Trading B.V. to fund capital projects
Commitment amount
$ 1180804508.358467
Adjusted commitment amount
$ 1180804508.36
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Brazil
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
Following a visit by Premier Li Keqiang to Brazil, China Eximbank and Petróleo Brasileiro S.A. (Petrobras) signed an agreement regarding a potential $2 billion loan to fund capital projects. Then, on October 24, 2016, China Eximbank issued a $1 billion line of credit to PGT BV with a final maturity date of May 23, 2019. $900 million of the $1 billion credit line was drawn down by the borrower in May 2018. PGT BV was expected to withdraw an additional $100 million from the credit line in May 2019. The borrower ultimately drew down the entire credit line, but the precise date of the final drawn down is unknown.
Number of official sources
3
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Petrobras Global Trading B.V. (PGT BV) [State-owned Company]
Loan Details
Maturity
3 years