Overview

ICBC provides EUR 20 million to Bulgarian Development Bank for on-lending and working capital purposes

Commitments (Constant USD, 2023)$24,126,231

Commitment Year•2016Country of Activity•BulgariaDirect Recipient Country of Incorporation•BulgariaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 24, 2016

Start (actual): Feb 24, 2016

Last repayment (originally scheduled): Feb 23, 2018

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 Banks

Bulgarian Development Bank (BDB)

Implementing agencies

State-owned Banks

Bulgarian Development Bank (BDB)

Loan description

ICBC provides EUR 20 million to Bulgarian Development Bank for on-lending and working capital purposes

Interest type•UnknownMaturity•2 years

Narrative

Full Description

Project narrative

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.