Overview

ICBC contributes to $907.5 million syndicated loan to Afreximbank for general corporate purposes and strengthening liquidity position

Commitments (Constant USD, 2023)$78,024,870

Commitment Year•2020Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalOverseas Jurisdiction•United KingdomSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: May 14, 2020

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)

Cofinancing agencies

Private Sector

Commerzbank Aktiengesellschaft (Commerzbank AG)
Emirates NBD Capital Limited (formerly Emirates Financial Services PSC)
HSBC Bank PLC
Mizuho Bank, Ltd.
MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
Rand Merchant Bank (RMB)
Standard Chartered Bank PLC
Sumitomo Mitsui Banking Corporation Europe Limited

State-owned Banks

Arab Banking Corporation (Bank ABC)
First Abu Dhabi Bank PJSC (FAB)
State Bank of India (SBI)

Receiving agencies

Intergovernmental Organizations

African Export-Import Bank (Afreximbank)

Implementing agencies

Intergovernmental Organizations

African Export-Import Bank (Afreximbank)

Loan description

ICBC contributes to $907.5 million dual-currency syndicated loan to Afreximbank for general corporate purposes and strengthening liquidity position in May 2020

Interest type•Unknown

Narrative

Full Description

Project narrative

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).

Staff comments

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.