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Overview

ICBC contributes to $1.2 billion syndicated loan to Afreximbank for on-lending purposes in December 2021

Commitments (Constant USD, 2023)$50,298,634
Commitment Year•2021Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 21, 2021
Last repayment
Dec 20, 2024

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

  • Absa Bank Limited
  • Bank Muscat
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Credit Europe Bank
  • Gulf Bank of Kuwait KSCP (Gulf Bank)
  • HSBC Bank PLC
  • Mashreqbank PSC
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Rand Merchant Bank (RMB)
  • SMBC Bank International PLC (formerly Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE))
  • Standard Bank of South Africa Limited (Standard Bank)
  • Standard Chartered Bank PLC

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Arab Banking Corporation (Bank ABC)
  • Emirates NBD Bank P.J.S.C.
  • First Abu Dhabi Bank PJSC (FAB)
  • KDB Bank Europe Limited
  • Korea Development Bank (KDB)
  • State Bank of India (SBI)

Receiving agencies

Intergovernmental Organizations

  • African Export-Import Bank (Afreximbank)

Implementing agencies

Intergovernmental Organizations

  • African Export-Import Bank (Afreximbank)

Loan desecription

ICBC contributes to $1.2 billion syndicated loan to Afreximbank for on-lending purposes in December 2021

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

On December 21, 2021, the African Export-Import Bank (Afreximbank) signed a $1.2 billion syndicated term loan facility agreement with a group of 22 banks, including the Industrial and Commercial Bank of China (ICBC). The loan carried a 3-year maturity and unknown interest rate. First Abu Dhabi Bank PJSC, Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch) and Standard Chartered Bank acted as joint Global Coordinators, Mandated Lead Arrangers and Bookrunners on the Facility. Standard Chartered Bank acted as Documentation Agent and is the Facility Agent for the transaction.

Staff comments

1. The exact size of ICBC’s contribution to the loan syndicate is unknown. For the time being, AidData assumes equal contributions ($54,545,454) across the 22 participants in the loan syndicate.