Overview

China Development Bank provides €300 million EUR loan to Bank of Cyprus

Commitments (Constant USD, 2023)$473,965,072

Commitment Year•2011Country of Activity•CyprusDirect Recipient Country of Incorporation•CyprusSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 20, 2011

Last repayment (originally scheduled): Jan 19, 2016

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 Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Bank of Cyprus Public Company Ltd

Loan description

China Development Bank provides €300 million EUR loan to Bank of Cyprus

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On January 20, 2011, China Development Bank (CDB) and Bank of Cyprus, a private financial services company, signed a Memorandum of Understanding for a loan provided by CDB worth €300 million EUR with a five year maturity. The main purpose of the loan was to jointly finance investments in the areas of shipping, renewable energy, and infrastructure projects. On May 10, 2011, Bank of Cyprus announced that CDB had officially approved the €300 million EUR loan. Specific projects financed by the loan and the date(s) of disbursement are unknown.