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Overview

CDB participates in $2.45 billion syndicated loan to Vnesheconombank (VEB) for on-lending purposes

Commitments (Constant USD, 2023)$253,128,909
Commitment Year•2011Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 28, 2011
Last repayment (originally scheduled)
Apr 27, 2014

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)

Cofinancing agencies

Private Sector

  • Barclays Bank PLC
  • BNP Paribas S.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • Credit Suisse AG
  • Mizuho Corporate Bank, Ltd. (MHCB)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation Europe Limited

Receiving agencies

State-owned Banks

  • Vnesheconombank (VEB Bank or VEB.RF)

Implementing agencies

State-owned Banks

  • Vnesheconombank (VEB Bank or VEB.RF)

Loan description

CDB contribution to $2.45 billion syndicated loan to Vnesheconombank (VEB) for on-lending purposes

Interest rate (t₀)•1.7305%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•3 years

Narrative

Full Description

Project narrative

On April 28, 2011, Vnesheconombank (VEB) — a Russian state-owned bank — signed a $2.45 billion syndicated loan agreement with a group of banks. The loan carried a 3-year maturity and an interest rate at 6-month LIBOR plus a 1.3% margin. As of April 25, 2012, the full amount of the loan was outstanding. The proceeds of the loan were to be used by Vnesheconombank for on-lending in support of investment projects. Participants in the loan syndicate included China Development Bank (CDB), The Bank of Tokyo-Mitsubishi UFG Ltd, Barclays Bank PLC, BNP Paribas, Hong Kong Branch, Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank, Credit Suisse AG, HSBC Bank plc, Mizuho Corporate Bank Ltd, Societe Generale, and Sumitomo Mitsui Banking Corporation Europe Limited.

Staff comments

1. AidData has estimated the all-in interest rate by adding 1.3% to average 6-month LIBOR in April 2011 (0.442%). 2. The size of CDB’s contribution to the $2.45 billion syndicated loan is unknown. For the time being, AidData assumes that all 11 known members of the syndicate made equal contributions ($222,727,272).