Overview

CDB provides $30 million loan to Canadia Bank for unspecified purposes

Commitments (Constant USD, 2023)$31,019,139

Commitment Year•2013Country of Activity•CambodiaDirect Recipient Country of Incorporation•CambodiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 5, 2013

First repayment (originally scheduled): Jan 1, 2013

Last repayment (originally scheduled): Dec 31, 2018

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)

Receiving agencies

Private Sector

Canadia Bank PLC

Loan description

CDB provides $30 million loan to Canadia Bank for unspecified purposes

Grant element•13.0195%Interest rate (t₀)•4.39205%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•6 years

Narrative

Full Description

Project narrative

On September 5, 2013, CDB signed a US$30 million loan facility agreement with Canadia Bank for unspecified purposes. On that day "The Fifth China-ASEAN Financial Cooperation and Development Leaders Forum" was held in Nanning. This loan facility has a 6-year maturity and annual interest rate of six-month LIBOR plus a credit spread of 4.00%. Based on the agreements, Canadia Bank is required to place one-year fixed deposits with China Development Bank of amounts equivalent to US$30 million. There's no grace period ("Annual Report 2014" pdf p.78). The LIBOR rate is not identified in reports, so the average 6 Month LIBOR rate from September 2013 (when the financing agreement was signed) is used in the interest rate calculation. Total interest rate for the loan facility is 0.380% + 4.00% = 4.380%.

Staff comments

1. The loan was signed at the Fifth China-ASEAN Financial Cooperation and Development Leaders Forum but was for unknown purposes. The intent field has been coded as Mixed.