ICBC and Standard Bank provides $1 billion loan to National Bank of Angola for unspecified purposes in October 2016
Commitment amount
$ 590402254.1792336
Adjusted commitment amount
$ 590402254.18
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Angola
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On October 27, 2016, the Industrial and Commercial Bank of China (ICBC) and Standard Bank signed a $1 billion loan agreement with the National Bank of Angola for unspecified purposes. The loan had a 5-year maturity and a 2.7% interest rate. Interest payments were scheduled on a trimestral basis.
Additional details
1. This project is separate from Project ID#66875, which also records a $1 billion loan from ICBC and Standard Bank, but that loan agreement was signed in December 2016. Both loans may have supported Sonangol, an Angolan state oil company. 2. For the time being, AidData has estimated the contribution of the Chinese state-owned bank by assuming that the two lenders contributed equal amounts ($500,000,000) to the loan syndicate. 3. This loan is not included in the database of Chinese loan commitments that SAIS-CARI released in July 2020.
Number of official sources
3
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Standard Bank of South Africa Ltd. [Private Sector]
Direct receiving agencies [Type]
National Bank of Angola [Government Agency]
Implementing agencies [Type]
National Bank of Angola [Government Agency]
Loan Details
Maturity
5 years
Interest rate
2.7%
Grant element (OECD Grant-Equiv)
12.9188%