Bank of China contributes $11.3 million to $1 billion syndicated loan to South African Reserve Bank to shore up foreign exchange reserves (Linked to Project ID#72443)
Commitment amount
$ 25737468.97731899
Adjusted commitment amount
$ 25737468.98
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
South Africa
Sector
General budget support (Code: 510)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
On July 19, 2004, 39 banks and financial institutions, including Bank of China (BOC) and China Construction Bank (CCB), signed a $1 billion loan facility agreement with South African Reserve Bank (SARB) to shore up the country's foreign exchange reserves. The borrowing terms include a 3-year maturity and a 2.103% interest rate. The borrower was able to draw down on the loan in USD and/or EUR. The Mandated Lead Arrangers contributed $30.5 million each, Co-Arrangers contributed $22 million each, and Lead Managers contributed $11.3 million each. As a Lead Manager in the syndicate, Bank of China (BOC) committed $11.3 million (captured via Project ID#72441). As a Mandated Lead Arranger, China Construction Bank (CCB) committed $30.5 million (captured via Project ID#72443).
Additional details
1. AidData calculated the all-in interest rate as follows: 1.628% (3-month LIBOR in July 2004) + 0.475% (47.5 basis point margin) = 2.103%
Number of official sources
3
Number of total sources
3
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Sumitomo Mitsui Banking Corporation [Private Sector]
BNP Paribas S.A. [Private Sector]
Standard Bank London Ltd [Private Sector]
Barclays Bank Plc [Private Sector]
Calyon [Private Sector]
China Construction Bank Corporation (CCB) [State-owned Commercial Bank]
Deutsche Bank [Private Sector]
Dresdner Kleinwort [Private Sector]
HSBC (Hong Kong and Shanghai Banking Corporation) [Private Sector]
Bayerische Hypo- und Vereinsbank AG [Private Sector]
JPMorgan Chase & Co. [Private Sector]
Mizuho Bank [Private Sector]
Natexis Banques Populaires [Private Sector]
Societe Generale Corporate and Investment Banking (SGCIB) [Private Sector]
UFJ Bank [Private Sector]
UniCredit Bank Austria AG [Private Sector]
Bank of America Securities Ltd [Private Sector]
BMO Financial Group (Bank of Montreal) [Private Sector]
Bank of Taiwan [State-owned Bank]
CIBC World Markets plc [Private Sector]
Kredietbank ABB Insurance CERA Bank (KBC) [Private Sector]
Lloyds Bank [Private Sector]
Raiffeisen Zentralbank Osterreich AG [Private Sector]
Dexia Investments Ireland [Private Sector]
Goldman Sachs Bank USA [Private Sector]
WGZ Bank [Private Sector]
WestLB AG [State-owned Bank]
The Bank of Tokyo-Mitsubishi, Ltd. (BTM) [Private Sector]
Standard Chartered Bank PLC [Private Sector]
Bank of New York [Private Sector]
Commerzbank Aktiengesellschaft [Private Sector]
ING Bank N.V. [Private Sector]
ABN AMRO Bank [Private Sector]
Bayerische Landesbank (BayernLB) [State-owned Bank]
Erste Group Bank AG (Erste Group) [Private Sector]
Citibank N.A. [Private Sector]
Hamburg Commercial Bank (HSOB) (Formerly HSH Nordbank AG) [State-owned Bank]
Rand Merchant Bank (RMB) [Private Sector]
Direct receiving agencies [Type]
South African Reserve Bank (SARB) [Government Agency]
Implementing agencies [Type]
South African Reserve Bank (SARB) [Government Agency]
Loan Details
Maturity
3 years
Interest rate
2.103%
Grant element (OECD Grant-Equiv)
6.5578%