ICBC contributes to EUR 134 million syndicated loan tranche to Afreximbank for on-lending purposes in May 2010 (Linked to Project ID#91953)

In May 2010, the African Export-Import Bank (Afreximbank) signed a $500.29 million syndicated term loan facility agreement with a group of 49 banks from Europe, Middle East, Africa and Asia for on-lending purposes. The loan carries a 2-year maturity and an interest rate of LIBOR plus a 3.25% margin. It has two tranches: a $320 million syndicated loan tranche (captured by linked project ID#91953) and an EUR 134 million syndicated loan tranche. Participants in the syndicated loan included Arab Banking Corp, Bank of Tokyo-Mitsubishi UFJ, Commerzbank, HSBC, Industrial and Commercial Bank of China (ICB), Raiffeisen Bank International (RBI), Standard Bank, Standard Chartered Bank, and WestLB.

Additional details

1. This loan is not included in the Chinese Loans to Africa Database developed by SAIS-CARI and maintained by the Global Development Policy Center at Boston University. 2. The precise size of the contribution of ICBC to the loan syndicate is unknown. For the time being, AidData assumes equal contributions to the $320 million loan tranche ($6,530,612) and the EUR 134 million loan tranche (EUR 2,734,693) across the 49 known participants in the loan syndicate. 3. AidData has estimated the all-in interest rate by adding 3.25% to average 6-month LIBOR in May 2010 (0.659%). 4. For the time being, AidData assumes that all lenders participated in both tranches. This issue warrants further investigation.

Number of official sources

2

Number of total sources

6