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Overview

ICBC provides a loan to Emirates Airline for unspecified purposes

Commitment Year•2013Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Transport And StorageFlow 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

  • Emirates Airline

Loan desecription

ICBC provides a loan to Emirates Airline 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 Emirates Airline — a airline and one of the United Arab Emirates' flag carriers owned by the Government of Dubai — for unspecified purposes. The face value and borrowing terms of the loan are unknown.

Staff comments

1. Emirates, one of two flag carriers of the United Arab Emirates, is a subsidiary of The Emirates Group, which is wholly owned by the Government of Dubai's Investment Corporation of Dubai (ICD). 2. It is unclear if ICBC provided a bilateral loan to Emirates or participated in a syndicated loan agreement with Emirates. 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 in loans to local customers in the Middle East in 2013, including Emirates Airlines, Dubai Electricity & Water Authority (Record ID#89665), and Qatar Airways.