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Overview

ICBC provides $6 million loan to ABA Bank for unspecified purposes

Commitments (Constant USD, 2023)$6,544,329
Commitment Year•2016Country of Activity•CambodiaDirect Recipient Country of Incorporation•CambodiaOverseas Jurisdiction•CambodiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2016
Start (actual)
Jul 29, 2016
End (planned)
Jul 28, 2019
End (actual)
Jul 29, 2016
First repayment (originally scheduled)
Jan 1, 2016
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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Advanced​ Bank​ of​ Asia​ Limited​ (ABA​ Bank)

Implementing agencies

Private Sector

  • Advanced​ Bank​ of​ Asia​ Limited​ (ABA​ Bank)

Loan description

ICBC provides $6 million loan to ABA Bank for unspecified purposes

Grant element•7.3058%Interest rate (t₀)•4.245%Interest type•Fixed Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On July 29, 2016, the Industrial and Commercial Bank of China (ICBC) provided a US$6 million loan to ABA Bank for unspecified purposes. According to ABA Annual 2017 Report, ICBC Phnom Penh Branch provided 4 loans to ABA in 2016. -The first loan amounting to US$6 million was obtained on 29 July 2016 (as captured in this project); -The second loan amounting to US$5 million was obtained on 29 August 2016 (as captured in #62373); -The third loan amounting to US$9 million was obtained on 29 November 2016 (as captured in #62374); -The fourth loan amounting to US$14 million was obtained on 30 June 2017 (as captured in #62375). The interest is payable quarterly, and the principal is repayable on maturities which are three years from the disbursement dates of all four loans. There are no grace periods. The borrowings are unsecured and bear interest rates ranging from 2.55% to 6.99% per annum (2016: 1.50% to 6.99%) ('Annual Report 2017' pdf p. 56).

Staff comments

AidData uses the mean interest rate of 4.245% for loans obtained in 2016. Advanced Bank of Asia Limited (ABA Bank) is Cambodia's leading private financial institution (not a state-owned enterprise) founded in 1996 as the Advanced Bank of Asia Limited. It is a subsidiary of National Bank of Canada.