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Overview

ICBC contributes to a $1 billion syndicated loan to Banque Misr for general funding and refinancing purposes

Commitments (Constant USD, 2023)$41,915,529
Commitment Year•2021Country of Activity•EgyptDirect Recipient Country of Incorporation•EgyptSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 1, 2021
Last repayment (originally scheduled)
Aug 31, 2024

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

Joint Venture/Special Purpose Vehicles

  • Gulf International Bank B.S.C. (GIB)

Private Sector

  • Afrasia Bank Limited
  • Al Ahli Bank of Kuwait K.S.C.P
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Emirates NBD Capital Limited (formerly Emirates Financial Services PSC)
  • Gulf Bank of Kuwait KSCP (Gulf Bank)
  • Habib Bank Limited (HBL)
  • HSBC Bank PLC
  • Mashreqbank PSC
  • Mauritius Commercial Bank
  • National Bank of Kuwait S.A.K. (NBK)
  • Saudi Awwal Bank (SAB - Alawwal) (Formerly Saudi Arab British Bank (SABB))
  • United Arab Bank P.J.S.C. (UAB)
  • United Bank Limited (UBL)

State-owned Banks

  • Arab Banking Corporation (Bank ABC)
  • First Abu Dhabi Bank PJSC (FAB)
  • Misr Bank-Europe GmbH
  • National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK)

Receiving agencies

State-owned Banks

  • Banque Misr

Loan description

ICBC Standard Bank contribution to USD 1 billion syndicated loan for general funding and refinancing.

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In September 2021, a syndicate of 22 banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $1 billion USD syndicated loan agreement with Banque Misr (Misr Bank) — a bank that is wholly owned by the Government of Egypt — for general funding and refinancing purposes. This loan carried a maturity period of three years. The proceeds were to be used by the borrower for general funding projects, including financing various projects and contributing sustainable development, and refinancing purposes, namely the refinancing of an existing 2018 $550 million USD syndicated loan. In addition to ICBC, the following lenders contributed to the loan syndicate: Emirates NBD Capital Limited (EmCap), Mashreq Bank psc, First Abu Dhabi Bank PJSC (FAB), Al Ahli Bank of Kuwait, Arab Banking Corporation (Bank ABC), Citibank, Gulf International Bank (GIB), the Mauritius Commercial Bank (MCB), National Bank of Kuwait (NBK), Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), HSBC Bank, National Bank of Ras Al Khaimah (RAKBANK), the Saudi British Bank (SABB), Gulf Bank KSCP, AfrAsia Bank, Commerzbank Aktiengesellschaft, Filiale Luxemburg, Habib Bank Limited (HBL), Misr Bank-Europe GmbH, United Arab Bank, and United Bank Limited (UBL). EmCap served as syndication agent and coordinator. Mashreq served as documentation agent and coordinator. FAB served as facility agent. EmCap, Mashreqbank, Al Ahli Bank, Bank ABC, Citibank, FAB, GIB, ICBC, MCB, NBK, Standard Chartered, and SMBC served as initial mandated lead arrangers and bookrunners. HSBC served as lead arranger. RAKBANK and SABB joined in syndication as mandated lead arrangers and bookrunners. Gulf Bank joined in syndication as a mandated lead arranger. AfrAsia Bank, Commerzbank, HBL, Misr Bank-Europe GmbH, United Arab Bank, and UBL joined in syndication as arrangers. The loan was oversubscribed from its $550 million USD target (to refinance the 2018 loan).

Staff comments

1. The individual contribution of the 22 lenders to this $1 billion USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of BOC by assuming that each lender contributed an equal amount ($45,454,545.4545 USD) to the syndicated loan.