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Overview

ICBC contributes to the EUR 805.5 million tranche of a EUR 1.25 billion syndicated loan to Garanti Bank for general trade finance purposes (Linked to Record ID#98707)

Commitments (Constant USD, 2023)$25,437,243
Commitment Year•2017Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 1, 2017
Last repayment (originally scheduled)
May 1, 2018

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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Standard Chartered Bank PLC

State-owned Banks

  • First Abu Dhabi Bank PJSC (FAB)

Receiving agencies

Private Sector

  • Türkiye Garanti Bank BBVA

Loan description

ICBC contribution to EUR 1.25 billion USD and EUR tranches of syndicated loan to Garanti Bank for general trade finance purposes

Grant element•4.0648%Interest rate (t₀)•1.101%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

In May 2017, a syndicate of 38 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a €1.25 billion EUR-equivalent syndicated loan facility loan agreement with Türkiye Garanti Bankası A.Ş — a Turkish private bank — for general trade finance purposes. This facility consisted of two tranches: a $468 million USD tranche with an all-in interest rate of LIBOR plus 1.45% per annum and a €805.5 million EUR tranche with an all-in interest rate of EURIBOR plus 1.35% per annum. This facility carried a maturity period of 367 days. The proceeds were to be used by the borrower for general trade finance purposes including financing of export and import contracts. First Abu Dhabi Bank (PJSC) served as facility agent for the deal was First Abu Dhabi Bank (PJSC). ICBC and Standard Chartered Bank served as coordinators. ICBC's contribution to the $468 million USD tranche is captured by Record ID#98707. ICBC's contribution to the €805.5 million EUR tranche is captured by Record ID#98708.

Staff comments

1. AidData has assumed that ICBC, as a coordinator, contributed to both tranches and that the other 37 banks did the same. The individual contribution of the 38 lenders to the €805.5 million EUR tranche of this €1.25 billion EUR syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount (€21,197,368.4211 EUR) to the tranche. 2. A 6-month EURIBOR was assumed. The average 6-month EURIBOR for May 2017 was -0.251%. Therefore, the interest rate has been coded as -0.251% + 1.35%, or 1.099%.