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Overview

Bank of China contributes to $4.5 billion loan to Abu Dhabi Developmental Holding Company

Commitments (Constant USD, 2023)$259,352,335
Commitment Year•2021Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 14, 2021

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.
  • Crédit Agricole Corporate and Investment Bank (CACIB) (Crédit Agricole CIB) (Formerly Calyon) (Formerly Crédit Agricole Indosuez (CAI))
  • HSBC (Hong Kong and Shanghai Banking Corporation)
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JP Morgan
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Bank of Abu Dhabi PJSC (NBA)
  • Natixis
  • 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)

Receiving agencies

State-owned companies

  • Abu Dhabi Developmental Holding Company PJSC (ADDH) (ADQ)

Loan description

2021 syndicated $4.5 billion USD loan from BoC and others to Abu Dhabi Developmental Holding Company in the UAE

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 14, 2021, Bank of China (BOC) contributed an estimated $281.25 million to a $4.5 billion loan to Abu Dhabi Developmental Holding Company (ADQ), a 100% state-owned Emirati development investment firm. The precise purpose of the loan is currently unknown. The loan was likely split into two tranches. The first tranche was a revolving credit facility sized at $2.5 billion with a maturity of 5 years. The second tranche, likely a conventional term loan sized at $2 billion, is currently obscure. At least seventeen (17) institutions participated in the loan. The most likely structure is sixteen (16) participants in each tranche- However, the precise distribution of participants across both tranches is currently unknown. All contributions have been estimated by dividing each tranche amount by the known number of participants. Known participants in the first revolving credit facility tranche include Credit Agricole CIB, HSBC, Mizuho, Emirates NBD, BNP Paribas, Bank of China (BOC), Abu Dhabi Commercial Bank (ADCB), Societe Generale, Sumitomo Mitsui Banking Corporation (SMBC), Natixis, MUFG, and National Bank of Abu Dhabi (NBA). All are estimated as contributing $156.25 million to the tranche. Known participants in the second term loan tranche include Citibank, Emirates NBD, BNP Paribas, Abu Dhabi Commercial Bank (ADCB), Societe Generale, SMBC, Natixis, MUFG, JP Morgan, Intesa Sanpaolo, and Standard Chartered Bank. All are estimated as contributing $125 million to the tranche. First Abu Dhabi Bank (FAB) also participated in the loan in an unclear capacity. In addition, Credit Agricole CIB, Citibank, FAB, HSBC, and Mizuho acted as joint global coordinators and bookrunners, Emirates NBD, BNP Paribas, BOC, ADCB, and Societe Generale acted as mandated lead arrangers (MLAs), and other institutions acted in either unclear or purely lending roles.

Staff comments

1. For the time being, AidData is estimating Bank of China's (BOC) contribution ($281.25 million) as the sum of both estimated contributions to each loan tranche ($125 million and $156.25 million). Both contributions were estimated by dividing the total tranche amount ($2.5 billion, $2 billion) by the most likely number of participants in each (16).