Project ID: 62373

ICBC provides $5 million loan to ABA Bank for unspecified purposes

Commitment amount

$ 5904022.541792336

Adjusted commitment amount

$ 5904022.54

Constant 2021 USD

Summary

Funding agency [Type]

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

Recipient

Cambodia

Sector

Unallocated/unspecified (Code: 998)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2016-01-01

Actual start

2016-08-29

Planned complete

2019-08-28

Actual complete

2016-08-29

Description

On August 29, 2016, the Industrial and Commercial Bank of China (ICBC) provided a US$5 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 #62372); -The second loan amounting to US$5 million was obtained on 29 August 2016 (as captured in this project); -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).

Additional details

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.

Number of official sources

2

Number of total sources

2

Download the dataset

Details

Cofinanced

No

Direct receiving agencies [Type]

Advanced​ Bank​ of​ Asia​ Limited​ (ABA​ Bank) [Private Sector]

Implementing agencies [Type]

Advanced​ Bank​ of​ Asia​ Limited​ (ABA​ Bank) [Private Sector]

Loan Details

Maturity

3 years

Interest rate

4.245%

Grace period

0 years

Grant element (OECD Grant-Equiv)

7.3058%

Bilateral loan