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Overview

ICBC contributes to EUR 224.4 million syndicated loan tranche to Afreximbank for trade financing, debt refinancing, and general corporate purposes in March 2014 (Linked to Record ID#92331)

Commitments (Constant USD, 2023)$8,980,195
Commitment Year•2014Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalOverseas Jurisdiction•United KingdomSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 20, 2014

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

  • ICBC (London) PLC

Cofinancing agencies

Private Sector

  • Barclays Bank Egypt S.A.E.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • FirstRand Bank (FirstRand Limited)
  • HSBC Bank PLC
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Standard Bank of South Africa Limited (Standard Bank)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation Europe Limited

State-owned Banks

  • Arab Banking Corporation (Bank ABC)
  • KfW IPEX-Bank GmbH
  • Korea Development Bank (KDB)

Receiving agencies

Intergovernmental Organizations

  • African Export-Import Bank (Afreximbank)

Implementing agencies

Intergovernmental Organizations

  • African Export-Import Bank (Afreximbank)

Loan description

ICBC contributions to USD 774 million dual-currency syndicated loan to Afreximbank for trade financing, debt refinancing, and general corporate purposes in March 2014

Interest type•Unknown

Narrative

Full Description

Project narrative

On March 20, 2014, the African Export-Import Bank (Afreximbank) signed a $774 million syndicated loan facility agreement with a group of 34 banks for trade financing, debt refinancing, and general corporate purposes. The loan consisted of two tranches: a $467 million tranche and an EUR 224.4 million tranche. Participants in the loan syndicate included Arab Banking Corporation (B.S.C.); the Bank of Tokyo-Mitsubishi UFJ, Ltd.; Barclays Bank Egypt SAE; Commerzbank Aktiengesellschaft; First Rand Bank Limited (London Branch); HSBC Bank plc; the Korea Development Bank; the Standard Bank of South Africa Limited, Isle of Man Branch; ICBC (London) plc; KfW IPEX-Bank GmbH; Standard Chartered Bank; and Sumitomo Mitsui Banking Corporation Europe Limited. Standard Chartered Bank and Sumitomo Mitsui Banking Corporation Europe Limited served as initial mandated lead arrangers and bookrunners. KfW IPEX-Bank GmbH served as an initial mandated lead arranger, and was later joined by ICBC (London) plc as mandated lead arranger and bookrunner. Linked Record ID#92331 captures ICBC's contribution to the $467 million tranche and this project captures ICBC's contribution to the EUR 224.4 million tranche.

Staff comments

1. The precise size of ICBC’s contribution to the lending syndicate is unknown. For the time being, AidData assumes equal contributions to the dollar-denominated loan tranche ($13,735,294) and the euro-denominated loan tranche (EUR 6.6 million) across the 34 participants in the loan syndicate. 2. For the time being, AidData assumes that all lenders participated in both tranches. This issue warrants further investigation. 3. 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.