Bank of China provides $300 million loan to shore up Pakistan’s foreign exchange reserves in June 2020
Commitment amount
$ 335051100.7162197
Adjusted commitment amount
$ 335051100.72
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Pakistan
Sector
General budget support (Code: 510)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
No
Category
Project lifecycle
Description
In June 2020, Bank of China provided a $300 million loan to the State Bank of Pakistan to shore up the country’s foreign exchange reserves. The original borrowing terms of the loan included a 3 year maturity (final maturity date: June 2023) and an interest rate between 6-month LIBOR plus a 2.93% margin. The loan was repaid in full on June 26, 2023. Shortly thereafter (on or before June 30, 2023), Bank of China and the State Bank of Pakistan signed a $300 million rollover loan agreement to shore up the country’s foreign exchange reserves. The borrowing terms of the loan are unknown.
Additional details
1. AidData has estimated the all-in interest rate by adding 2.93% to average 6-month LIBOR in June 2020 (0.426%).
Number of official sources
1
Number of total sources
8
Details
Cofinanced
No
Direct receiving agencies [Type]
State Bank of Pakistan (SBP) [Government Agency]
Implementing agencies [Type]
State Bank of Pakistan (SBP) [Government Agency]
Loan Details
Maturity
3 years
Interest rate
3.356%
Grant element (OECD Grant-Equiv)
4.8383%