ICBC contribute to $250 million syndicated loan to Afreximbank for on-lending purposes in September 2016 (Linked to Project ID#92362 and #92364)

On September 12, 2016, the African Export-Import Bank (Afreximbank) signed a $250 million syndicated loan facility agreement with a group of 15 banks for on-lending purposes. Participants in the lending syndicate included Paris Branch of the Export-Import Bank of China; China Merchants Bank Co., Ltd; Shanghai Rural Commercial Bank Co., Ltd.; Industrial and Commercial Bank of China (Europe) S.A. acting through its Paris Branch; CTBC Bank Co., Ltd, Offshore Banking Branch; E. Sun Commercial Bank, Ltd; Land Bank of Taiwan, Offshore Banking Branch; Mega International Commercial Bank Co., Ltd., Offshore Banking Branch; Bank of Taiwan, Offshore Banking Branch; Standard Chartered Bank, Private Sector; First Commercial Bank, Offshore Banking Branch; KEB Hana Bank London Branch; KEB Hana Bank Paris Branch; Woori Bank Hong Kong Branch; The Shanghai Commercial & Savings Bank, Ltd., Offshore Banking Branch and Taipei Fubon Commercial Bank Co., Ltd. Standard Chartered Bank acting as sole coordinating bank and documentation agent on the facilities, as well as sole bookrunner on the syndicated facility. The loan has a five-year tenor (with bullet repayment) and an interest rate of LIBOR plus a 1.35% margin. It is backed by a repayment guarantee from the Shanghai Branch of the Export-Import Bank of China. This project captures ICBC's contribution to this loan. Project ID#92362 captures China Eximbank's contribution to this loan. Project ID#92364 captures Shanghai Rural Commercial Bank's contribution to this loan.

Additional details

1. The exact sizes of the contributions from China Eximbank, ICBC, and Shanghai Rural Commercial Bank to the loan syndicate are unknown. For the time being, AidData assumes equal contributions ($16,666,666) across the 15 participants in the loan syndicate. 2. AidData has estimated the all-in interest rate by adding 1.35% to average 6-month LIBOR in September 2016 (1.247%). 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

3

Number of total sources

7