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Overview

CDB loans EUR 150 million to Wanhua International Holding Co. Limited for on-lending to First Chemical Holding Vagyonkezelo Kft. for unspecified purposes (Linked to Record ID#89909)

Commitments (Constant USD, 2023)$162,730,877
Commitment Year•2021Country of Activity•HungaryDirect Recipient Country of Incorporation•HungarySector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2021

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% Chinese ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • First Chemical Holding Vagyonkezelo Kft.

State-owned companies

  • Wanhua Industrial Group Co., Ltd.

Loan description

CDB loans EUR 150 million to Wanhua International Holding Co. Limited for on-lending to First Chemical Holding Vagyonkezelo Kft. for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2021, China Development Bank (CDB) and Wanhua International Holding Co. Limited signed an EUR 150 million loan agreement. Wanhua International Holding Co. Limited was registered in Hong Kong for the express purpose of on-lending to First Chemical Holding Vagyonkezelo Kft., which is a company incorporated in Budapest, Hungary (registration number: Cg 0109-873980). No additional details were available as of March 2022. First Chemical Holding Vagyonkezelo Kft. appears to be the Hungarian holding company that Wanhua Industrial Group (Wanhua) used to acquire full control of BorsodChem Zrt. (a Hungarian chemical raw material manufacturing company headquartered in Kazincbarcika, Northern Hungary) in 2011 with support from 4 Chinese state-owned banks (see linked Record ID#89909). FCH, the holding company of BorsodChem, is controlled by Permira, the UK buy-out fund, and Austrian company, VCP Capital Partners.