Project ID: 72494

China Construction Bank contributes $36 million to $1.5 billion syndicated loan to help South African Reserve Bank and National Treasury support the country’s foreign currency position

Commitment amount

$ 90523359.62687913

Adjusted commitment amount

$ 90523359.64

Constant 2021 USD

Summary

Funding agency [Type]

China Construction Bank Corporation (CCB) [State-owned Commercial Bank]

Recipient

South Africa

Sector

Banking and financial services (Code: 240)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2001-07-30

Description

On July 30, 2001, a group of banks including China Construction Bank (CCB) signed a $1.5 billion loan facility agreement with the South African Reserve Bank (SARB) and the South African National Treasury to support the country’s foreign currency position. There were four types of lenders in the syndicate: Lead Arrangers committed $69 million, Co-Arrangers committed $36 million, Senior Lead Managers committed to $23 million, and Lead Managers committed $12 million. As a Co-Arranger, CCB committed $36 million. The facility carried the following terms: a 3 year maturity and a 4.601% interest rate (3-month LIBOR plus 850 basis points). It is unclear whether SARB or the National Treasury ever drew down this facility.

Additional details

1. AidData calculated the all-in interest rate as follows: 3.751% (3-month LIBOR in July 2001) + 0.85% (given margin) = 4.601%

Number of official sources

3

Number of total sources

3

Download the dataset

Details

Cofinanced

Yes

Cofinancing agencies [Type]

Bayerische Hypo- und Vereinsbank AG [Private Sector]

BHF Bank [Private Sector]

BNP Paribas S.A. [Private Sector]

Deutsche Bank [Private Sector]

Dresdner Kleinwort [Private Sector]

Goldman Sachs Bank USA [Private Sector]

HSBC (Hong Kong and Shanghai Banking Corporation) [Private Sector]

JPMorgan Chase Bank, N.A. (Chase Bank) [Private Sector]

Mizuho Bank [Private Sector]

Morgan Stanley [Private Sector]

Standard Bank London Ltd [Private Sector]

UBS AG [Private Sector]

DGB Dekabank [Private Sector]

Raiffeisen Zentralbank Osterreich AG [Private Sector]

Sanwa Bank Limited [Private Sector]

Sumitomo Mitsui Banking Corporation [Private Sector]

Bank of Montreal Europe plc [Private Sector]

Banque Internationale Des Mascareignes [Private Sector]

Kredietbank ABB Insurance CERA Bank (KBC) [Private Sector]

Natexis Banques Populaires [Private Sector]

Bank of Taiwan [State-owned Bank]

WestLB AG [State-owned Bank]

The Bank of Tokyo-Mitsubishi, Ltd. (BTM) [Private Sector]

LRP Landesbank Rheinland-Pfalz [Private Sector]

Commerzbank Aktiengesellschaft [Private Sector]

Crédit Agricole Group [Private Sector]

Bayerische Landesbank (BayernLB) [State-owned Bank]

Erste Group Bank AG (Erste Group) [Private Sector]

Citibank N.A. [Private Sector]

Direct receiving agencies [Type]

South African Reserve Bank (SARB) [Government Agency]

Implementing agencies [Type]

South Africa National Treasury [Government Agency]

South African Reserve Bank (SARB) [Government Agency]

Loan Details

Maturity

3 years

Interest rate

4.601%

Grant element (OECD Grant-Equiv)

3.1298%

Bilateral loan

Foreign currency swap or Balance of payments loan

Inter-bank loan

Rescue loan