Overview

China Construction Bank contributes $53.8 million USD to a $82.8 million USD syndicated loan to Zakher Marine International for the delivery of two self propelling barges

Commitments (Constant USD, 2023)$57,249,999

Commitment Year•2017Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 15, 2017

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

China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

HSBC Bank PLC

Receiving agencies

Private Sector

Zakher Marine International Inc. (ZMI)

Implementing agencies

State-owned companies

Wuhan Marine Machinery Plant Co., Ltd. (WMMP)

Insurance providers

State-owned companies

China Export & Credit Insurance Corporation (Sinosure)

Loan description

2017 syndicated $82.8 million USD loan from CCB and others to Zakher Marine International for the delivery of two self propelling barges in the UAE

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 15, 2017, financial close was reached on a deal in which a two-bank syndicate — consisting of China Construction Bank Corporation (CCB) and HSBC Bank PLC — entered into a $82.8 million USD syndicated loan agreement with Zakher Marine International Inc. (ZMI) — a United Arab Emirates-based company providing offshore services — to support the delivery of two self propelling barges from Wuhan Shipyard. China Export & Credit Insurance Corporation (Sinosure) provided insurance for this loan. CCB contributed $53.8 million USD to the loan syndicate as a lender. HSBC contributed $29 million USD and served as mandated lead arranger and export credit agency (ECA) agent.

Staff comments

1. AidData has assumed Wuhan Shipyard referred to Wuhan Marine Machinery Plant Co., Ltd. (WMMP), which ZMI is known to have been a client of (see "Zakher Marine International - Sinosure Covered Loan") for example.