ICBC provides ARS 975 million loan to Telecom Argentina
Commitment amount
$ 15412824.873711448
Adjusted commitment amount
$ 15412824.87
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Argentina
Sector
Communications (Code: 220)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On April 13, 2020, Telecom Argentina signed a ARS 975 million loan contract with the Industrial and Commercial Bank of China (ICBC). The loan had an annual interest rate of BADLAR plus a 9.75%. The loan had a one year maturity period, with the entire principle due April 13, 2021 and interest to be paid monthly. Telecom's use for the loan proceeds is unknown.
Additional details
1. AidData has calculated the all-in interest rate by adding the BADLAR rate at the end of April 2020 (18.4%) to the margin (9.75%) for a total of 28.15%. The rate at the end of April 2020 is taken from the Central Bank of Argentina's Monthly Monetary Report. 2. It is unclear if the loan contract was signed with ICBC's Argentine branch or a branch based in China; the language used in Telecom's financial statements is "Banco ICBC S.A." 3. Information about the loan can be found on page 63 of Telecom Argentina's 2020 Financial Statements (Memoria y Estados Financieros).
Number of official sources
3
Number of total sources
3
Details
Cofinanced
No
Direct receiving agencies [Type]
Telecom Argentina SA [Private Sector]
Loan Details
Maturity
1 years
Interest rate
28.15%
Grant element (OECD Grant-Equiv)
0.0%