ICBC provides $1 billion loan in FY 2017-2018 to shore up Pakistan’s foreign exchange reserves
Commitment amount
$ 1152338157.0209737
Adjusted commitment amount
$ 1152338157.06
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Pakistan
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
In Fiscal Year 2017-2018, the Industrial and Commercial Bank of China (ICBC) provided a $1 billion loan to the State Bank of Pakistan to shore up the country’s foreign exchange reserves. This loan carried the following borrowing terms: a 3-year maturity and an interest rate of 3-month LIBOR (2.307%) plus a 3.25% margin.
Additional details
1. The precise loan commitment date is unknown. This issue requires further investigation. For the time being, AidData assumed that the loan contracted in Fiscal Year 2017-2018 was contracted in calendar year 2017, and the commitment date is coded as July 1, 2017. 2. The all-in interest rate was calculated by adding 3.25% to the average, 3-month LIBOR rate in 2018 (2.307%).
Number of official sources
6
Number of total sources
7
Details
Cofinanced
No
Direct receiving agencies [Type]
State Bank of Pakistan (SBP) [Government Agency]
Loan Details
Maturity
3 years
Interest rate
5.557%
Grant element (OECD Grant-Equiv)
1.8178%