Skip to content
AidData logo

Overview

$19.7 million drawdown under $700 million CDB credit line for unspecified projects (Linked to Record ID#66949)

Commitments (Constant USD, 2023)$20,641,270
Commitment Year•2015Country of Activity•BelarusDirect Recipient Country of Incorporation•BelarusSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 10, 2015
First repayment
Dec 31, 2019
Last repayment
Dec 28, 2029

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

The agreement supports projects undertaken by the residents of the Great Stone Industrial Park. More detailed locational information can be found at https://www.openstreetmap.org/way/455544676.

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 Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • Development Bank of the Republic of Belarus (DRDB)

Loan desecription

$19.7 million drawdown under $700 million CDB credit line for unspecified projects

Grace period•5 yearsGrant element•23.5777%Interest rate (t₀)•5.91425%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•15 years

Narrative

Full Description

Project narrative

On May 10, 2015, China Development Bank and the Development Bank of the Republic of Belarus (DBRB) — a state-owned bank in Belarus — signed a $700 million master credit agreement to support a variety of projects in transport, energy, industry, infrastructure, and SME sectors as well as projects undertaken by residents of the Great Stone Industrial Park. The total value of each investment project supported through by a subsidiary CDB loan under this master credit agreement could not be less than $1 million. Loan maturities were based on the project payback periods and could not exceed 15 years. Grace periods were not to exceed 5 years. Loans were to be repaid at an annual interest rate of 6-month LIBOR (equals to 0.417 % in May 2015) plus a 5.5% margin, and with a commitment fee of 0.4% and a management fee of 0.8%. The proceeds of any subsidiary CDB loan under the master credit agreement could not be used to finance more than 85% of the total cost of a given investment project and at least 50% of the value of each subsidiary CDB loan had to be allocated to Chinese equipment, works, or services. Fulfillment of obligations under the loan agreements could be secured by a pledge of movable and immovable property, suretyship, guarantee, insurance by the Bank of a default risk, guarantee monetary deposit, transfer to the CDB of the title to property including property rights, or other means provided by the legislation of the Republic of Belarus. The subsidiary CDB loan agreements also contained covenants relating to the use of funds and provided China Development Bank with the right to monitor the use of credit facilities by end borrowers (i.e., DBRB's customers). If DBRB were to breach the covenants, China Development Bank had the right to demand loan repayment and cease all disbursements under the credit facility. As of March 22, 2017, $680,270,213.87 of the $700 million facility remained undrawn. It is not known how the drawn down funds were utilized. Record ID#66949 captures the $700 million master credit agreement as an ‘umbrella’ project and Record ID#85162 captures the total drawdown amount ($19,729,786.13).