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Overview

China Construction Bank contributes to $200 million loan to Norden to finance seven vessels

Commitments (Constant USD, 2023)$75,766,476
Commitment Year•2011Country of Activity•DenmarkDirect Recipient Country of Incorporation•DenmarkSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2011

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

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • BNP Paribas S.A.
  • Deutsche Bank AG

Receiving agencies

Private Sector

  • Dampskibsselskabet Norden A/S (D/S Norden)

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan description

China Construction Bank contributes to USD $200 million syndicated loan to Norden to finance the acquisition of seven vessels in Denmark in 2011

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2011, China Construction Bank (CCB) reportedly contributed an estimated $66.66 million to a $200 million loan to Dampskibsselskabet Norden A/S (D/S Norden) to finance seven (7) newbuild vessels constructed in Chinese shipyards. Other details about the loan are currently unknown. BNP Paribas and Deutsche Bank also acted as contributors. The loan was backed by a Sinosure credit insurance policy.

Staff comments

1. AidData is currently estimating each contribution by Chinese state-owned entities to the project ($66.66 million) by dividing the total amount of reported financing ($200 million) by the number of known lenders (3). 2. Note for reviewer: In my opinion, this is the same project as #99193, and I found no mention of Deutsche bank in official Norden sources, indicating that the source used in this project may not be entirely sound (said source also falsely reported the intention of the loan linked above as project financing rather than working capital).