Trade and Development Bank of Mongolia signs agreement with ICBC for reimbursement refinancing of Chinese imports
Commitment amount
$ 2072482.2731966903
Adjusted commitment amount
$ 2072482.27
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Mongolia
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
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.
Additional details
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.
Number of official sources
2
Number of total sources
2
Details
Cofinanced
No
Direct receiving agencies [Type]
Trade and Development Bank of Mongolia [State-owned Bank]
Implementing agencies [Type]
Trade and Development Bank of Mongolia [State-owned Bank]