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Overview

ICBC contributes to a $300 million USD syndicated loan for the Africa Finance Corporation in December 2018 for general financing purposes

Commitments (Constant USD, 2023)$37,736,111
Commitment Year•2018Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2018
Last repayment (originally scheduled)
Dec 1, 2021

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • FirstRand Bank (FirstRand Limited)
  • JPMorgan Chase Bank, N.A. (Chase Bank, formerly the Chase Manhattan Bank)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Nedbank Ltd
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • First Abu Dhabi Bank PJSC (FAB)
  • KfW Development Bank (KfW Entwicklungsbank GmbH)

Receiving agencies

Intergovernmental Organizations

  • Africa Finance Corporation (AFC)

Loan description

ICBC contributes to a $300 million USD syndicated loan for the Africa Finance Corporation in December 2018 for general financing purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In December 2018, a syndicate of banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $300 million USD loan facility for the African Finance Corporation (AFC). The loan carried a maturity period of three years and a final maturity date in December 2018. The proceeds were to be used for general financing purposes. In addition to ICBC, the following lenders are known to have contributed: MUFG Bank, Ltd, First Abu Dhabi Bank (FAB), JPMorgan, KfW, Nedbank, First Bank, and the Sumitomo Mitsui Banking Corporation (SMBC). ICBC and MUFG served as joint coordinators, bookrunners, mandated lead arrangers, and documentation agents. FAB served as a bookrunner, mandated lead arranger, and facility agent. JPMorgan, KfW, Nedbank, First Rand, and SMBC served as mandated lead arrangers. The loan matured in December 2018.

Staff comments

1. The individual contribution of the eight lenders to this $300 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($37,500,000 USD) to the syndicated loan.