Overview

ICBC establishes 1.5 billion rubble credit line with Rosseti for general corporate purposes

Commitments (Constant USD, 2023)$24,397,741

Commitment Year•2016Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 16, 2016

First repayment: Dec 31, 2016

Last repayment: Dec 31, 2018

Geospatial footprint

Map overview

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This project establishes a 1.5 billion rubble credit line with Rosseti, which has headquarters located in Moscow, Russia. More detailed locational information can be found at https://www.openstreetmap.org/node/5193758258.

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 Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

Rosseti

Implementing agencies

State-owned companies

Rosseti

Loan desecription

ICBC establishes 1.5 billion rubble credit line with Rosseti for general corporate purposes

Grace period•1 yearsInterest rate (t₀)•11.3%Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On June 16, 2016, ICBC and OAO Rosseti (ПАО «Россети») — a Russian state-owned power company — signed an agreement for the creation of a 1.5 billion rubble credit line. The agreement provides for a line of credit up to 1.5 billion rubles for general corporate purposes. The loan will allow Rosseti to diversify its debt portfolio. The maturity of the credit agreement is 3 years and the grace period is 1 year. Negotiation on the deal lasted a year and a half in Hong Kong with major Chinese banks, including Bank of China, ICBC Ltd, Agricultural Bank of China. The loan’s interest rate is floating and linked to MosPrime (11.3% for 6-month June 2016). The loan was not intended for projects or equipment deliveries

Staff comments

It is unclear how much of the credit line has been utilized. There are no mentions of this loan in Rosseti’s annual reports.