Overview

ICBC provides $50 million loan to Empresa Distribuidora y Comercializadora Norte S.A.

Commitments (Constant USD, 2023)$53,206,319

Commitment Year•2017Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaOverseas Jurisdiction•United Arab EmiratesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 11, 2017

Start (actual): Oct 11, 2017

Last repayment (originally scheduled): Oct 10, 2020

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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ICBC provides $50 million loan to Empresa Distribuidora y Comercializadora Norte S.A. More detailed locational information can be found at: https://www.openstreetmap.org/way/460578775

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 companies

Empresa Distribuidora y Comercializadora Norte S.A (Edenor)

Loan desecription

ICBC provides $50 million loan to Empresa Distribuidora y Comercializadora Norte S.A.

Grant element•7.2603%Interest rate (t₀)•4.27933%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•3 years

Narrative

Full Description

Project narrative

On October 11, 2017, Empresa Distribuidora y Comercializadora Norte S.A (Edenor) obtained a $50 million loan from Industrial and Commercial Bank of China (ICBC) Dubai Branch to aid Edenor in their operations and investment strategies in Argentina. Edenor is Argentina's largest distributor of electricity. The loan had a term of 36 months and an interest rate of 6-month Libor rate plus a 2.75% margin. On April 11, 2019, the first repayment of the loan (worth $12.5 million) was made at a total interest rate of 6.12%. By December 31, 2020, the loan was fully repaid.

Staff comments

1. AidData has estimated the all-in interest rate (4.292%) by adding 2.75% to the average 6-month LIBOR rate in October 2017 (1.542%). 2. For the time being, AidData assumes that the loan’s grace period is zero. 3. Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) is the largest Argentine distributor of electricity. It is headquartered in Buenos Aires. Edenor was incorporated in 1992 as a result of the privatization of state-owned Servicios Eléctricos del Gran Buenos Aires.