Project ID: 63671 For the latest information on this project, go to the China Global project page.

Bank of China contributes to $690 million syndicated loan for Clark Global City Project

Commitment amount

$ 265037776.114824

Adjusted commitment amount

$ 265037776.11

Constant 2021 USD

Summary

Funding agency [Type]

Bank of China (BOC) [State-owned Commercial Bank]

Recipient

Philippines

Sector

Industry, mining, construction (Code: 320)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2017-01-01

Actual start

2017-05-29

Geography

Description

In 2017, Bank of China, Banco de Oro (BDO), and Philippine National Bank (PNB) signed a 10-year $690 million syndicated loan agreement with Clark Global City Corporation — a special purpose vehicle and subsidiary of Udenna Corporation — for the acquisition of shares in Global Gateway Development Corporation (GGDC) and the development of Clark Global City (formerly the Global Gateway Logistics City). Clark Global City is a planned mixed-use central business district development at the Clark Freeport Zone in Mabalacat, Pampanga, Philippines. The loan carried a ten-year maturity and an interest rate of between 7.61 percent and 8.98 percent. In 2017, the land was acquired by Udenna from GGDC with the proceeds of the loan. The acquisition of GGDC’s ownership stake in the Clark Global City Project was approved by the Philippine Competition Commission (PCC) on October 19, 2017, and the acquisition was completed on November 14, 2017. The implementation of Clark Global City Project was officially launched on May 29, 2017 and it is ongoing. The construction of the ‘Three West Building’ in Clark Global City was completed on October 31, 2019.

Additional details

1. The individual contribution of Bank of China to the syndicated loan is unknown. For the time being, AidData has estimated the contribution of Bank of China by assuming that the three lenders contributed equal amounts ($230 million) to the $690 million loan syndicate.

Number of official sources

4

Number of total sources

11

Download the dataset

Details

Cofinanced

Yes

Cofinancing agencies [Type]

Philippine National Bank [Private Sector]

Banco de Oro (BDO) [Private Sector]

Direct receiving agencies [Type]

Clark Global City Corporation [Joint Venture/Special Purpose Vehicle]

Loan Details

Maturity

10 years

Syndicated loan

Investment project loan

Project finance