ICBC contributes to $600 million USD syndicated loan to Al Ahli Bank for general corporate and liquidity purposes

Project narrative

In June 2023, a syndicate of 11 banks — including the Dubai (DIFC) Branch of the Industrial and Commercial Bank of China Limited (ICBC) and the DIFC Branch of the Agricultural Bank of China (ABC) — entered into a $600 million USD syndicated loan facility agreement with Al Ahli Bank — a Kuwait-based private bank — for general corporate and liquidity purposes. The loan carried a maturity period of 37 months. The proceeds were to be used for general corporate purposes and to support Al Ahli Bank's liquidity requirements. Record ID#98791 captures ICBC's contribution. Record ID#98792 captures ABC's contribution. ICBC, together with Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation, DIFC branch served as as Joint Coordinators, Initial Mandated Lead Arrangers and Bookrunners for the transaction. ABC, The Korea Development Bank, and State Bank of India, DIFC Branch joined as Mandated Lead Arrangers, Bank of Baroda, Dubai Branch as Arranger and The Gunma Bank, Ltd., Hua Nan Commercial Bank, Ltd., Offshore Banking Branch, Land Bank of Taiwan Co., Ltd. (Incorporated in Taiwan), Hong Kong Branch, and Industrial Bank of Korea, Hong Kong Branch joined as Arrangers. The loan was up-sized to $600 million USD from the initial launch target of $500 million USD.