Overview

ICBC provides EUR 70 million to Bulgarian Development Bank for on-lending and working capital purposes in March 2020

Commitments (Constant USD, 2023)$87,931,860

Commitment Year•2020Country of Activity•BulgariaDirect Recipient Country of Incorporation•BulgariaSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Mar 13, 2020

Last repayment: Mar 13, 2022

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

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned Banks

Bulgarian Development Bank (BDB)

Loan desecription

ICBC provides EUR 70 million to Bulgarian Development Bank for on-lending and working capital purposes in March 2020

Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•2 years

Narrative

Full Description

Project narrative

On March 13, 2020, Industrial and Commercial Bank of China (ICBC) — through its divisions in Austria and Poland — and Bulgarian Development Bank (BDB) signed an EUR 75 million interbank loan agreement. The loan carries an interest rate of 6-month EURIBOR plus an unspecified margin. The proceeds of the loan are intended for general lending activities of BDB, direct financing, as well as on-lending through Bulgarian financial institutions in support of investment projects and providing working capital. The loan is unsecured. As of December 31, 2020, the loan had achieved a 100% disbursement rate. The loan's (principal) amount outstanding was EUR 75 million as of December 31, 2020, EUR 67.5 million as of December 31, 2021, EUR 60 million as of December 31, 2022, and EUR 52.5 million as of December 31, 2023.