ICBC provides $100 million export seller's credit for the Smart Meter Supply and Installation Project
Commitment amount
$ 108984974.78786768
Adjusted commitment amount
$ 108984974.79
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Laos
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In 2018, the Industrial and Commercial Bank of China (ICBC) issued a $100 million export seller's credit to Huawei Technologies Co., Ltd., which, in-turn, on-lent the funds to Électricité du Laos (EDL) — a state-owned power company in Laos — to finance the Smart Meter Supply and Installation Project. The borrowing terms of the loan are unknown. However, it is known that the purpose of the project is to supply and installation of 500,000 advanced meters (“smart meters”) across four districts of Vientiane Capital, including in Chanthabouly and Sisattanak districts. Huawei Technologies Co., Ltd. was the contractor responsible for implementation. Project implementation commenced in 2018, and all meter installation work was complete in Chanthabouly and Sisattanak districts by September 2020.
Additional details
Number of official sources
3
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Huawei Technologies Co., Ltd. [Private Sector]
Indirect receiving agencies [Type]
Électricité du Laos (EDL) [State-owned Company]
Implementing agencies [Type]
Huawei Technologies Co., Ltd. [Private Sector]