Trade and Development Bank of Mongolia enters into credit facility agreement with ICBC to finance Chinese imports

In December 2010, Trade and Development Bank of Mongolia (TDB) entered into a credit facility agreement with the Industrial and Commercial Bank of China (ICBC). The proceeds of the loan were to be used to by the borrower to on-lend (re-lend) to TDB’s customers (borrowers. The (principal) amount outstanding under the agreement amounted to RMB 4,826,000 (MNT 1,727,515 thousand) as of December 31, 2016 and $245,454 (MNT 489,921 thousand) and RMB 31,113,205 (MNT 9,568,555 thousand) as of December 31, 2015. The amounts and currencies of denomination of each drawdown, applicable interest rates, disbursement dates, and repayment dates were to be agreed with ICBC on a case by case basis. The repayment dates for the loan varied in accordance with the maturity lengths of the various subsidiary loans that Trade and Development Bank of Mongolia issued (on-lent) to different borrowers. The loan was fully repaid and there was no amount outstanding as of December 31, 2017.

Additional details

1. The face value of the credit facility agreement is unknown. For the time being, AidData relies on the highest recorded (principal) amount outstanding under the credit facility agreement as a proxy. $245,454 + RMB 31,113,205 ($4,791,433.57) = $5,036,887.57.

Number of official sources

4

Number of total sources

4