Project ID: 54568

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

Commitment amount

$ 57616907.851048686

Adjusted commitment amount

$ 57616907.85

Constant 2021 USD

Summary

Funding agency [Type]

Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]

Recipient

Argentina

Sector

Business and other services (Code: 250)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Geography

Description

On October 11, 2017, Empresa Distribuidora y Comercializadora Norte S.A (Edenor) obtained a $50 million loan from Industrial and Commercial Bank of China Dubai (ICBC) 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%.

Additional details

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.

Number of official sources

Number of total sources

Download the dataset

Details

Cofinanced

Direct receiving agencies [Type]

Empresa Distribuidora y Comercializadora Norte S.A (Edenor) [State-owned Company]