ICBC contributes to $907.5 million syndicated loan to Afreximbank for general corporate purposes and strengthening liquidity position
Commitment amount
$ 84460798.30554704
Adjusted commitment amount
$ 84460798.31
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 May 14, 2020, African Export-Import Bank (Afreximbank) and 12 financial institutions signed a USD 907.5 million dual-currency syndicated loan. The facility has one USD-denominated tranche worth USD 485 million and one EUR-denominated tranche worth EUR 390.4 million. The borrowing terms are unknown. The Industrial and Commercial Bank of China (ICBC), London Branch, participated as a Mandated Lead Arranger and Bookrunner. The exact size of ICBC's contribution is unknown. Besides ICBC, the following financial institutions also contributed to the USD 907.5 million syndicated loan: Emirates NBD Capital Limited, MUFG, Standard Chartered Bank, Bank ABC, HSBC Bank plc, State Bank of India WBB Bahrain, ICBC London Branch, Mizuho Bank Ltd., RMB, Sumitomo Mitsui Banking Corporation Europe Limited, Commerzbank Aktiengesellschaft Filiale Luxemburg, and First Abu Dhabi Bank PJSC. The proceeds will be used for general corporate activities, and will strengthen Afreximbank's liquidity position as it implements its USD 3 billion Pandemic Trade Impact Mitigation Facility (PATIMFA).
Additional details
1. ICBC's individual contribution to the USD 907.5 million loan is unknown. For now, AidData assumes that all 12 banks contributed equal amounts (USD 75,625,000). 2. Whether ICBC contributed only to the USD tranche, only the EUR tranche, or to both requires further investigation.
Number of official sources
1
Number of total sources
1
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Emirates NBD Capital Limited [Private Sector]
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU)) [Private Sector]
Standard Chartered Bank PLC [Private Sector]
State Bank of India (SBI) [State-owned Bank]
Mizuho Bank [Private Sector]
Sumitomo Mitsui Banking Corporation Europe Limited [Private Sector]
First Abu Dhabi Bank (FAB) [State-owned Bank]
HSBC Bank PLC [Private Sector]
Arab Banking Corporation (Bank ABC) [State-owned Bank]
Rand Merchant Bank (RMB) [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]