ICBC contributes to EUR 105.5 million syndicated loan for Diamond of Skopje Complex Construction Project
Commitment amount
$ 26778705.398152407
Adjusted commitment amount
$ 26778705.4
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
North Macedonia
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In 2020, Limak Holding AS signed an EUR 105.5 syndicated loan agreement with 5 banks — including Halk Banka AD Skopje, Yapı Kredi Bank Nederland NV, Halkbank AD Beograd, Demir-Halk Bank (Nederland) N.V. and ICBC Turkey — for the Diamond of Skopje Complex Construction Project. The EUR 250 million project scope involves the construction of a multifunctional complex called Diamond of Skopje in North Macedonia’s capital city with a new shopping mall, a 5-star Limak Skopje Luxury Hotel, four residential towers with 772 units, a business center, an 11,0000 square meter green space, and a parking lot with spaces for 3,200 vehicles. The luxury hotel opened in April 2021. The complex as a whole was originally scheduled to open in March 2023.
Additional details
1. The size of ICBC’s contribution to the loan syndicated is unknown. For the time being, AidData assumes equal contributions (EUR 21.1 million) across the 5 participants in the EUR 105.5 million syndicate loan. 2. The Turkish project title is Diamond of Skopje Projesi Mix Use.
Number of official sources
0
Number of total sources
12
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Halk Banka AD Skopje [Private Sector]
Yapı Kredi Bank Nederland NV [Private Sector]
Halkbank AD Beograd [Private Sector]
Demir-Halk Bank (Nederland) N.V. [Private Sector]
Direct receiving agencies [Type]
Limak Holding AS [Private Sector]