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Overview

Bank of China contributes to USD-denominated portion of $2 billion loan to AD Ports Group for general corporate purposes (Linked to Record ID#98925, #98926, #98928, #98929, #98930)

Commitments (Constant USD, 2023)$47,692,307
Commitment Year•2023Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Apr 4, 2023
Last repayment (originally scheduled)
Oct 2, 2025

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.
  • Citibank, N.A.
  • Credit Agricole S.A. (Crédit Agricole Group)
  • HSBC Middle East
  • Mizuho Bank, Ltd.
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Emirates NBD Bank P.J.S.C.
  • First Abu Dhabi Bank PJSC (FAB)

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • Abu Dhabi Ports Company PJSC (ADPC) (AD Ports Group)

Loan description

2023 syndicated $2 billion USD multi-currency corporate funding facility from ICBC, BoC, and others to AD Ports Group for general corporate purposes in the UAE

Interest type•UnknownMaturity•2.5 years

Narrative

Full Description

Project narrative

On April 4, 2023, Bank of China (BOC) and Industrial and Commercial Bank of China (ICBC) each contributed an estimated $153.84 million to a $2 billion multi-currency corporate funding facility to AD Ports Group. The facility had a maturity of up to 2.5 years and was split across three multi-currency tranches. Other financial details about the facility are currently unknown. Each tranche is captured in a separate project for each Chinese lender. For tranche 1, BOC (#98925) and ICBC (#98926) contributed an estimated EUR 46.15 million each to a EUR 600 million disbursement. For tranche 2, BOC (#98927) and ICBC (#98928) contributed an estimated $47.69 million each to a $620 million disbursement. For tranche 3, BOC (#98929) and ICBC (#98930) contributed an estimated AED 220.23 million each to a AED 2.863 billion disbursement. The lending syndicated had thirteen (13) participants. First Abu Dhabi Bank (FAB) and Citibank acted as lead coordinators. Mizuho Bank and Abu Dhabi Commercial Bank (ADCB) acted as additional book runners. Societe Generale and Emirates NBD acted as mandated lead arrangers (MLAs). Standard Chartered Bank, HSBC Middle East, BNP Paribas, Credit Agricole CIB, and Bank of China (BOC) acted as lead arrangers. Sumitomo Mitsui Banking Corporation (SMBC) and Industrial and Commercial Bank of China (ICBC) acted as arrangers. ADCB also acted as facility agent. The facility was negotiated on improved financing terms compared to a $1 billion rapid credit facility AD Ports Group secured in 2021 due to an upgrade in the company's credit rating. The new facility was 3.7 times oversubscribed, and was partially used to develop and operate a multi-purpose port in Safaga, Egypt, in addition to other expansion activities in Egypt.

Staff comments

1. For the time being, AidData is estimating all Chinese contributions ($47.69 million) to the lending syndicate by dividing the total amount of financing in the captured tranche ($620 million) by the number of currently known lenders (13).