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Overview

ICBC provides a loan to the Dubai Electricity and Water Authority for unspecified purposes

Commitment Year•2013Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2013

Geospatial footprint

Map overview

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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 Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • Dubai Electricity and Water Authority PJSC (DEWA)

Loan desecription

ICBC provides a loan to the Dubai Electricity and Water Authority for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2013, the Industrial and Commercial Bank of China (ICBC) provided a loan to state-owned utility Dubai Electricity and Water Authority PJSC (DEWA) for unspecified purposes. The face value and borrowing terms of the loan are unknown.

Staff comments

1. The Dubai Electricity and Water Authority (DEWA) is a (state-owned) public service infrastructure company that was founded on January 1992 by Sheikh Maktoum bin Rashid Al Maktoum. It is wholly owned by the Government of Dubai. 2. It is unclear if ICBC provided a bilateral loan to DEWA or participated in a syndicated loan agreement with DEWA. This issue warrants further investigation. 3. The face value of this loan was no more than $600 million USD (and likely significantly lower than that), as ICBC only provided $600 million USD in loans to local customers in the Middle East in 2013, including DEWA, Emirates Airline (Record ID#89873), and Qatar Airways.