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Overview

Bank of Zhengzhou contributes to RMB 10 billion syndicated loan to Vnesheconombank for unspecified purposes (Linked to Record ID#92312, #92373, #92374, #92375, #92376, #92378, #92379)

Commitments (Constant USD, 2023)$164,140,040
Commitment Year•2016Country of Activity•RussiaDirect Recipient Country of Incorporation•RussiaSector•Unallocated/unspecifiedFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 1, 2016
Last repayment
Sep 1, 2019

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

  • Bank of Zhengzhou

Cofinancing agencies

Private Sector

  • Baoshang Bank
  • Harbin Bank
  • New China Trust

State-owned Commercial Banks

  • Bank of Chaoyang
  • Bank of Fuxin
  • Bank of Ganzhou
  • Bank of Jiujiang
  • Bank of Weifang
  • Harbin Bank Financial Leasing

Receiving agencies

State-owned Banks

  • Vnesheconombank (VEB Bank or VEB.RF)

Loan desecription

Bank of Zhengzhou, Bank of Ganzhou, Bank of Chaoyang, Bank of Fuxin, Harbin Bank, Harbin financial Leasing, Bank of Weifang and Bank of Jiujiang contribution to RMB 10 billion syndicated loan to Vnesheconombank for unspecified purpose

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In September 2016, Russia's State Corporation Bank for Development & Foreign Economic Affairs — also known as Vnesheconombank (VEB) — signed an RMB 10 billion syndicated loan agreement with a consortium of Chinese banks (including Harbin Bank, Baoshang Bank, Bank of Zhengzhou, Harbin Bank Financial Leasing, Bank of Fuxin, Bank of Ganzhou, Bank of Jiujiang, Bank of Weifang, New China Trust, Bank of Chaoyang). The loan carries a 3-year maturity (with a 3-year extension option) and an unknown interest rate. By the end of the 2018, two loan disbursements had taken place. As of August 2018, the loan had disbursed RMB 506 million — mainly for thermal power and hydropower projects. As of April 2019, the loan had disbursed RMB 556 million — mainly for thermal power and hydropower projects.

Staff comments

1. All but two (Baoshang Bank and New China Trust) of the ten banks that participated in the lending syndicated are state-owned. The size of each bank’s contribution to the lending syndicate is unknown. For the time being, AidData assumes equal (RMB 1 billion) contributions by each of the (state-owned) banks. 2. The contributions of the eight state-owned banks are captured in the following Record ID#s: Harbin Bank via Record ID#92312, Bank of Zhengzhou via Record ID#92372, Harbin Bank Financial Leasing via Record ID#92373, Bank of Fuxin via Record ID#92374, Bank of Ganzhou via Record ID#92375, Bank of Jiujiang via Record ID#92376, Bank of Weifang via Record ID#92378, Bank of Chaoyang via Record ID#92379.