Active Mixed AidData Chinese Aid

ICBC contributes $60 million to A/B loan to support YPF's climate change mitigation and adaptation strategy

$60M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	YPF S.A.
Country	Argentina
Start Date	Jan 28, 2022
End Date	Aug 06, 2026
Duration	1,651 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`101375`

Grant Description

ICBC contribution of USD $60 million to USD $300 million A/B loan to support YPF's climate change mitigation and adaptation strategy On January 27, 2022, YPF S.A. — a vertically integrated, majority state-owned Argentine energy company, engaged in oil and gas exploration and production, and the transportation, refining, and marketing of gas and petroleum products — signed a $300 million syndicated A/B loan agreement with Corporación Andina de Fomento (also known as CAF or the Development Bank of Latin America), Santander, Itau Unibanco, Industrial and Commercial Bank of China Limited, Dubai (DIFC) and Cargill Financial Services International.

📋 Loan / Grant Terms

💰 Loan Amountconsisted of two tranches: a $37

📅 Maturity2 years

Industrial and Commercial Bank of China Limited, Dubai (DIFC) reportedly contributed $60 million to Tranche B.

The borrower was expected to use the proceeds of the loan to support its climate change adaptation and mitigation strategy. As of June 2022, the loan had fully disbursed.

📋 Staff Comments

For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
An A/B Loan product enables commercial lenders to partner with development banks (i.e., CAF) in their lending operations. Under this structure, a development bank, in its capacity as lender of record, makes a loan to a borrower that is financed by both commercial participants and the development bank. The portion of the loan supported by commercial lenders is known as the B loan, while the portion funded by the bank is referred to as the A loan.

📚 Sources & References

CAF otorga préstamo A/B por USD 300 millones a YPF SA para apoyar su estrategia de adaptación y mitigación al cambio climático
YPF obtiene financiamiento de CAF para proyectos sustentables
YPF Additional Facility 2022
YPF vuelve al mercado financiero internacional y obtiene un préstamo AB por US$ 300 millones de un organismo multilateral de crédito.
YPF Form 20F 2022
CAF grants A/B loan for USD 300 million to YPF S.A. to support its climate change adaptation and mitigation strategy
YPF Investor Presentation June 2022
Inc. Copying articles to share with others is a breach of LatinFinance https://latinfinance.com/topics/esg/2022/01/31/caf-arranges-green-financing-for-ypf/ . Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

YPF S.A.

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