ICBC provides EUR 20 million to Bulgarian Development Bank for on-lending and working capital purposes
Commitment amount
$ 26118821.789899286
Adjusted commitment amount
$ 26118821.79
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Bulgaria
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
On February 24, 2016, Industrial and Commercial Bank of China (ICBC) and Bulgarian Development Bank (BDB) signed an EUR 20 million interbank loan agreement. The purpose of the loan was financing of the general lending activity of BDB, direct business financing or on-lending through commercial banks for investment projects and working capital. Under the terms of the loan agreement, BDB was not to on-lend at interest rates exceeding 6.5%. The term of the loan was two years. The loan was unsecured. As of December 31, 2016, the loan’s (principal) amount outstanding was EUR 20 million. As of December 31, 2018, the loan’s (principal) amount outstanding was EUR 10 million.
Number of official sources
7
Number of total sources
11
Details
Cofinanced
No
Direct receiving agencies [Type]
Bulgarian Development Bank (BDB) [State-owned Bank]
Implementing agencies [Type]
Bulgarian Development Bank (BDB) [State-owned Bank]
Loan Details
Maturity
2 years