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Overview

ICBC Turkey contributes to EUR 105.5 million syndicated loan for Diamond of Skopje Complex Construction Project

Commitments (Constant USD, 2023)$24,738,163
Commitment Year•2020Country of Activity•North MacedoniaDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•Other Social Infrastructure And ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020
End (planned)
Mar 1, 2023

Geospatial footprint

Map overview

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ICBC contributed a syndicated loan for Diamond of Skopje Complex Construction Project. More detailed locational information can be found at: https://www.openstreetmap.org/way/176040284

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • ICBC Turkey Yatırım Menkul Değerler A.Ş.

Cofinancing agencies

Private Sector

  • Demir-Halk Bank (Nederland) N.V.
  • Halk Banka AD Skopje
  • Halkbank AD Beograd
  • Yapı Kredi Bank Nederland NV

Receiving agencies

Private Sector

  • Limak Holding AS

Loan description

ICBC contributes to EUR 105.5 million syndicated loan for Diamond of Skopje Complex Construction Project

Interest type•Unknown

Narrative

Full Description

Project narrative

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 Yatırım — 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.

Staff comments

1. The size of ICBC’s contribution to the loan syndicate 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.