CDB, ICBC, ABC, BoC participate in $500 million syndicated loan to Ilim Group for strategic development projects
Commitment amount
$ 288084539.2552434
Adjusted commitment amount
$ 288084539.26
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Agricultural Bank of China (ABC) [State-owned Commercial Bank]
Recipient
Russia
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On November 27, 2017, ICBC, ABC, BoC and CCB participated in a syndicated loan agreement worth $500 million with Ilim Group, Russia's leading paper company. The loan was arranged by Raiffeisen Bank International (RBI Group) and Intesa Sanpaolo, as well as Crédit Agricole. Other members of the syndicate include Korea KDB Bank. The funds are intended for ‘strategic development projects focusing on Europe and Asia;. The loan carried a 4 year maturity.
Additional details
1. Ilim Group operates major Russian pulp & paper mills in the Arkhangelsk, and Irkutsk Regions, having branches in Koryazhma, Bratsk and Ust-Ilimsk, as well as forestry branches, procuring raw materials to the production facilities, and two corrugated cardboard plants in the Leningrad and Moscow Regions 2. For the time being, AidData has estimated the contribution of the four Chinese state-owned banks by assuming that the right lenders contributed equal amounts ($62,500,000) to the loan syndicate.
Number of official sources
1
Number of total sources
8
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Raiffeisen Bank International AG [Private Sector]
Korea Development Bank (KDB) [State-owned Bank]
Intesa Sanpaolo S.P.A. [Private Sector]
Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI)) [Private Sector]
Direct receiving agencies [Type]
Ilim Group [Private Sector]
Implementing agencies [Type]
Ilim Group [Private Sector]
Loan Details
Maturity
4 years