Overview

Industrial and Commercial Bank of China Limited - Yangon Branch provides MMK 3 billion loan to Acleda MFI Myanmar Co., Ltd. for unspecified purposes

Commitments (Constant USD, 2023)$2,346,719

Commitment Year•2017Country of Activity•MyanmarDirect Recipient Country of Incorporation•CambodiaOverseas Jurisdiction•MyanmarSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 11, 2017

Start (planned): Dec 11, 2017

Start (actual): Dec 20, 2017

End (actual): Dec 20, 2020

First repayment (originally scheduled): Jul 2, 2017

Last repayment (originally scheduled): Jan 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

ACLEDA Bank Plc.

Loan description

Industrial and Commercial Bank of China Limited - Yangon Branch provides MMK 3 billion loan to Acleda MFI Myanmar Co., Ltd. for unspecified purposes

Grace period•0.5 yearsInterest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On December 11, 2017, Acleda MFI Myanmar Co., Ltd., one of Acleda Bank Plc.'s subsidiaries, entered into a MMK 3,000,000,000 loan agreement for a line of credit with Industrial and Commercial Bank of China Limited - Yangon Branch. The full MMK 3 billion was drawn down on December 20, 2017. The maturity date is December 20, 2020, which gives a 3 year maturity. The loan was to be repaid in six semi annual installments starting from June 20, 2018 (giving a grace period of 0.5 years), and its purpose was not specified.

Staff comments

AidData has inferred the commitment year to be 2017, as this loan is not in the 2016 Annual Report produced by Acleda Bank.