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Overview

Agricultural Bank of China contributes to $390 million USD syndicated loan to Burgan Bank K.P.S.C. for its term funding requirements and liquidity ratios

Commitments (Constant USD, 2023)$40,237,619
Commitment Year•2020Country of Activity•KuwaitDirect Recipient Country of Incorporation•KuwaitOverseas Jurisdiction•United Arab EmiratesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 30, 2020
Last repayment (originally scheduled)
Dec 30, 2023

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

  • Agricultural Bank of China (ABC)

Cofinancing agencies

Private Sector

  • Citibank, N.A.
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Standard Chartered Bank PLC

State-owned Banks

  • Emirates NBD Bank P.J.S.C.
  • First Abu Dhabi Bank PJSC (FAB)
  • Landesbank Baden-Württemberg (LBBW)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

  • Burgan Bank K.P.S.C.

Loan description

December 2020 $390 million USD syndicated loan from ICBC, ABC, and others to Burgan Bank K.P.S.C. for its term funding requirements and liquidity ratios in Kuwait

Interest rate (t₀)•1.3595%Interest type•Variable Interest RateMaturity•3 years

Narrative

Full Description

Project narrative

On December 30, 2020, a syndicate of 10 banks — including the Industrial and Commercial Bank of China (ICBC) and the Dubai (DIFC) Branch of Agricultural Bank of China (ABC) — signed a $390 million USD syndicated loan agreement with Kuwait bank Burgan Bank K.P.S.C.. The loan carried a maturity of three years and interest rate of LIBOR plus 110 basis points). The funding was used to support Burgan Bank's term funding requirements and liquidity ratios. Record ID#98798 captures ICBC's contribution. Record ID#98799 captures ABC's contribution. ICBC and Mizuho Bank, Ltd. coordinated the facility. The lead arrangers were the London Branch of Landesbank Baden-Württemberg, ABC, Citibank, N.A.,Emirates NBD Bank (P.J.S.C.), First Abu Dhabi Bank PJSC, HSBC, MUFG Bank, and Standard Chartered Bank.

Staff comments

1. The individual contributions of the banks that participated in the $390,000,000 USD syndicated loan are unknown. For the time being, AidData assumes equal contributions ($39,000,000 USD) across all 10 members of the loan syndicate.