Overview

ICBC and CDB pledge $480 million USD syndicated loan for construction of housing in Mendoza Province

Commitments (Constant USD, 2023)$496,306,220

Commitment Year•2013Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaSector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2013

Last repayment: Dec 29, 2027

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 Policy Banks

China Development Bank (CDB)

Cofinancing agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Government Agencies

Mendoza Municipal Government

Implementing agencies

State-owned companies

China Communications Construction Co., Ltd. (CCCC)

Loan desecription

ICBC and CDB pledge $480 million USD syndicated loan for construction of housing in Mendoza Province

Grant element•25.0671%Interest rate (t₀)•4.5%Interest type•Fixed Interest RateMaturity•15 years

Narrative

Full Description

Project narrative

In 2013, the governor of Mendoza Province and the president of China Communication Construction Company (CCCC) signed a letter of intent in Beijing on November 14, 2013 for the investment and construction of houses in Mendoza Province. According to a proposed bill from Mendoza's Chamber of Deputies on August 19, 2014, the senate and chamber of deputies of Mendoza sanctioned China Development Bank (CDB) and the Industrial and Commercial Bank of China (ICBC) to provide a $480 million loan for the project. The loan will be repaid over 15 years with an interest rate of 4.5%. There is no evidence this loan agreement was ever signed.