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Overview

Trade and Development Bank of Mongolia signs agreement with ICBC for reimbursement refinancing of Chinese imports

Commitments (Constant USD, 2023)$1,919,836
Commitment Year•2014Country of Activity•MongoliaDirect Recipient Country of Incorporation•MongoliaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 1, 2014

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 Banks

  • Trade and Development Bank of Mongolia

Implementing agencies

State-owned Banks

  • Trade and Development Bank of Mongolia

Loan desecription

Trade and Development Bank of Mongolia signs agreement with ICBC for reimbursement refinancing of Chinese imports

Interest type•Unknown

Narrative

Full Description

Project narrative

In September 2014, Trade and Development Bank of Mongolia (TDB) and the Industrial and Commercial Bank of China (ICBC) signed an Agreement for Reimbursement Refinancing of Imports and Reimbursement Refinancing, which was designed to provide access to refinancing through TDB’s 1,500 branches. The amount and currency of each drawdown, the applicable interest rate, disbursement date, repayment date and certain other terms and conditions of each drawdown were to be agreed upon by TDB and its customers (borrowers) on a case by case basis. The outstanding loan balance amounted to $1,872,000 (MNT 4,947,546,000) as of December 31, 2018.

Staff comments

1. The face value of the Agreement for Reimbursement Refinancing of Imports and Reimbursement Refinancing is unknown. For the time being, AidData relies on the highest recorded (principal) amount outstanding ($1,872,000) under the agreement as a proxy.