Overview

Bank of China provides $500 million loan to shore up Pakistan's foreign exchange reserves in 2009

Commitments (Constant USD, 2023)$693,658,885

Commitment Year•2009Country of Activity•PakistanDirect Recipient Country of Incorporation•PakistanSector•General Budget SupportFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 1, 2009

Geospatial footprint

Map overview

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Bank of China provides $500 million loan to shore up Pakistan's foreign exchange reserves in 2009. More detailed locational information can be found at: https://www.openstreetmap.org/way/758630714

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 China (BOC)

Receiving agencies

Government Agencies

State Bank of Pakistan (SBP)

Implementing agencies

Government Agencies

State Bank of Pakistan (SBP)

Loan description

Bank of China provides $500 million loan to shore up Pakistan's foreign exchange reserves in 2009

Interest type•Unknown

Narrative

Full Description

Project narrative

In March 2009, Bank of China provided a $500 million deposit loan to State Bank of Pakistan (SBP) in order to shore up the country’s foreign exchange reserves. The borrowing terms of the loan are unknown.

Staff comments

1. According to the State Bank of Pakistan Annual Report 2007-2008, ‘[a]t the end of FY08, the stock of Bank of China (BOC) deposits reached US$ 900 million, with 80.0 percent growth over the last year stock. Actually, foreign liabilities on account of BOC increased by US$ 500 in FY08, partially offset by US$ 100 million debt repayment in the first quarter of FY08.'