ICBC contributes to $467 million syndicated loan tranche to Afreximbank for trade financing, debt refinancing, and general corporate purposes in March 2014 (Linked to Project ID#92330)
Commitment amount
$ 15206278.489393622
Adjusted commitment amount
$ 15206278.49
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Africa, regional
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
No
Category
Project lifecycle
Description
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 Project ID#92330 captures ICBC's contribution to the EUR 224.4 million tranche and this project captures ICBC's contribution to the $467 million tranche.
Additional details
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.
Number of official sources
2
Number of total sources
4
Details
Cofinanced
Yes
Cofinancing agencies [Type]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Barclays Bank Egypt S.A.E. [Private Sector]
Standard Bank of South Africa Limited (Standard Bank) [Private Sector]
Standard Chartered Bank PLC [Private Sector]
Sumitomo Mitsui Banking Corporation Europe Limited [Private Sector]
KfW IPEX-Bank GmbH [State-owned Bank]
HSBC Bank PLC [Private Sector]
Korea Development Bank (KDB) [State-owned Bank]
Arab Banking Corporation (Bank ABC) [State-owned Bank]
FirstRand Bank (FirstRand Limited) [Private Sector]
Commerzbank Aktiengesellschaft (Commerzbank AG) [Private Sector]
Direct receiving agencies [Type]
African Export-Import Bank (Afreximbank) [Intergovernmental Organization]
Implementing agencies [Type]
African Export-Import Bank (Afreximbank) [Intergovernmental Organization]