ICBC issues $3.5 million loan to Pan American Energy (Linked to Project ID#97562, #97564, #97565)

On January 26, 2021 and January 27, 2021, Pan American Energy entered into four export pre-financing agreements with Industrial and Commercial Bank of China (Argentina) S.A. for the sum of US$30 million: (i) Loan Agreement No.1 for the sum of US$9.0 million maturing on December 5, 2022 (see project ID #97562) (ii) Loan Agreement No.2 for the sum of US$3.5 million maturing on January 12, 2023 (see project ID #97563) (iii) Loan Agreement No.3 for the sum of US$3.6 million maturing on January 12, 2023 (see project ID #97564) and (iv) Loan Agreement No.4 for the sum of US$13.9 million maturing on January 23, 2023 (see project ID #97565). The first loan is worth USD $9 million, while the second loan was originally worth USD $21 million, before being split into three separate loans. This is the second of a total of four loans signed between ICBC and Pan American Energy. As of December 31st, 2021, the principal outstanding of the loans was USD $30 million.

Additional details

1. AidData considers all pre-export finance (PXF) facilities as collateralized since they are almost always secured by (1) an assignment of rights by the producer under an ‘offtake contract’ (i.e., a sale and purchase contract between the producer and a buyer of that producer of goods or commodities), and (2) a collection account charge over a bank account into which proceeds due to the producer from the buyer of the goods or commodities under the offtake contract are credited.

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