Overview

China Eximbank provides EUR 50 million loan to BDB for on-lending purposes and to support cross-border economic and trade transactions

Commitments (Constant USD, 2023)$60,000,946

Commitment Year•2017Country of Activity•BulgariaDirect Recipient Country of Incorporation•BulgariaSector•Business And Other ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 28, 2017

Start (actual): Sep 28, 2017

First repayment (originally scheduled): Sep 28, 2017

Last repayment (originally scheduled): Sep 27, 2022

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

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned Banks

Bulgarian Development Bank (BDB)

Implementing agencies

State-owned Banks

Bulgarian Development Bank (BDB)

Loan description

China Eximbank provides EUR 50 million loan to BDB for on-lending purposes and to support cross-border economic and trade transactions

Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On September 28, 2017, the Export-Import Bank of China and the state-owned Bulgarian Development Bank (BDB) signed an EUR 50 million interbank loan agreement. The unsecured loan had a 5 year maturity, no grace period, and an annual interest rate of 6-month EURIBOR plus an unspecified margin. The borrower was authorized to use the loan proceeds to engage in on-lending activities and support the development of Bulgarian SMEs, cross-border economic, and trade transactions between China and Bulgaria. As of December 31, 2018, the loan had been fully utilized by the borrower. The loan was fully repaid (ahead of schedule) in 2023. The loan’s (principal) amount outstanding was EUR 50 million as of December 31, 2018, EUR 50 million as of December 31, 2020, EUR 50 million as of December 31, 2021, EUR 25 million as of December 31, 2022, and EUR 0 as of December 31, 2023.

Staff comments

1.This China Eximbank loan is not included in the Overseas Development Finance Dataset published by Boston University’s Global Development Policy Center in December 2020.