ICBC contributes to a $1 billion syndicated loan to Banque Misr for general funding and refinancing purposes
Commitment amount
$ 45454545.4545
Adjusted commitment amount
$ 45454545.45
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Egypt
Sector
Banking and financial services (Code: 240)
Flow type
Loan
Level of public liability
Other public sector debt
Infrastructure
No
Category
Project lifecycle
Description
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).
Additional details
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.
Number of official sources
1
Number of total sources
5
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Emirates NBD Capital Limited [Private Sector]
Mashreqbank PSC [Private Sector]
First Abu Dhabi Bank (FAB) [State-owned Bank]
Al Ahli Bank [Private Sector]
Arab Banking Corporation (Bank ABC) [State-owned Bank]
Citibank N.A. [Private Sector]
Gulf International Bank B.S.C. (GIB) [Joint Venture/Special Purpose Vehicle]
Mauritius Commercial Bank [Private Sector]
National Bank of Kuwait S.A.K. (NBK) [Private Sector]
HSBC Bank PLC [Private Sector]
National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK) [State-owned Bank]
Saudi Awwal Bank (SAB - Alawwal) (Formerly Saudi Arab British Bank (SABB)) [Private Sector]
Gulf Bank of Kuwait KSCP (Gulf Bank) [Private Sector]
Afrasia Bank Limited [Private Sector]
Habib Bank Limited (HBL) [Private Sector]
United Arab Bank [Private Sector]
United Bank Limited (UBL) [Private Sector]
Misr Bank-Europe GmbH [State-owned Bank]
Commerzbank Aktiengesellschaft (Commerzbank AG) [Private Sector]
Direct receiving agencies [Type]
Banque Misr [State-owned Bank]
Loan Details
Maturity
3 years