Overview

Bank of China signs $100 million credit facility with Gazprombank to finance Chinese exports

Commitments (Constant USD, 2023)$225,003,492

Commitment Year•2003Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 1, 2003

Last repayment (originally scheduled): Feb 28, 2008

Geospatial footprint

Map overview

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Bank of China signs a $100 million credit line to Gazprombank, headquartered at 16 Nametkina Street, Bldg. 1, 117420, Moscow, Russian Federation. More detailed locational information can be found at https://www.openstreetmap.org/way/202521221.

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

Bank of China (BOC)

Receiving agencies

Private Sector

Gazprombank

Implementing agencies

Private Sector

Gazprombank

Loan description

Bank of China signs $100 million credit facility with Gazprombank to finance Chinese exports

Interest rate (t₀)•4.34%Interest type•Variable Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In March 2003, Bank of China signed a $100 million credit facility agreement with Gazprombank to finance the purchase of Chinese goods. The facility had a maturity of 5 years and an interest rate of LIBOR plus a 3% margin.

Staff comments

1. A Gazprombank source states that "the annual rate does not exceed LIBOR + 3%." Given that average 6 month LIBOR in March 2003 was 1.264%, the all-n interest rate has been estimated as 1.264% + 3% = 4.264%.