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Getting, Using Foreign Funding

Q: As a domestic State-owned enterprise, we are engaged in garbage disposal and incineration. Now, we plan to use foreign loans to improve the technological level and operational capabilities of our equipment. What are the general conditions and categories that apply to these types of foreign loans?

A: Foreign loans include loans from international financial organizations, foreign governments and international commercial loans. Among these, the first two become sovereign debts of our government, usually featuring long loan terms, comparatively low loan costs and an emphasis on the development of public utilities. The extension and use of loaned funds are based on the credits of State and local finance. Effectiveness, fund amounts, finances and debt are major concerns in loan management, along with the integration of responsibilities, rights and interests and a combination of borrowing, using and repaying.

Loans from international financial organizations include loans given by the World Bank Group, Asian Development Bank, the International Fund for Agriculture Development and other international and regional financial organizations. These are mostly used for infrastructural development, environmental protection and social development.

Loans from foreign governments are comparatively favourable loans provided by one government to another. These loans are also often used in infrastructural development, environmental protection and social development.

International commercial loans are a source of financing for domestic institutions on international financial markets. They bear commercial conditions and contractual payment obligations based in foreign currencies. International commercial loans may include export credits, loans from foreign banks (institutions), debenture issues and leasing relying on international financial instruments.

Q: Loans extended by international financial organizations refer mainly to those of the World Bank and Asian Development Bank. What are their loan requirements?

A: After two adjustments made in credit terms in 2007 and 2008, the World Bank reduced its interest margin on loans and front-end fee rates and abolished its commitment fees; it also lengthened its loan and grace periods. All of these adjustments have optimized loan terms and have reduced loan costs.

The terms put forward by the World Bank in China are: a maximum loan period of 30 years (including 5- to 17-year grace periods); lending rates are based on the London Inter-bank Offered Rate (LIBOR) of six months and are based on the costs of funds plus corresponding interest margins, among which the lending rates of fix-spread loans and variable-spread loans are separately 0.05 percent above and 0.06 percent below the LIBOR, on average. The LIBOR rate is about 2.8275 percent. As a result, the lending rate on fixed-spread loans is 2.8775 percent and that for variable-spread loans is 2.76 percent. In addition, after the validation of a World Bank loan agreement, the front-end fees of loans will be collected at a rate of 0.25 percent of the lump-sum total loan.

Recently, the Asian Developing Bank reduced interest and commitment fees on hard loans. The latest lending rate of the ADB was about 4.3 percent and the rate of domestic banks is about 7.83 percent for loans of more than five years.

For ADB loans prior to October 1, 2007, 60 basis points are added to the average LIBOR for six months by the ADB to establish its lending rates. An annual rate of 0.35 percent is collected for commitment fees.

The ADB has reduced the interest and commitment fees on its loans. For loans negotiated after October 1, 2007, 40 basis points will be reduced permanently with a net interest margin of 20 basis points, which means LIBOR plus 20 basis points is the ADB lending rate. The ADB also abolished its front-end fees and said it will cut its annual rate to as low as 0.15 percent.

For ADB loans offered to China, its repayment period is usually 24–26 years, including a grace period of 4–6 years. With these adjustments the cost of ADB loans has been reduced and policies affecting their use are more favourable.

关于外商投资项目贷款申请问题的解答

问：作为一家国有企业，主要从事垃圾处理和焚烧。想借用国外贷款促进本企业的发展，提高技术水平和设备运转能力。现在想了解一下国外贷款总体包括那些内容和种类。

答：国外贷款主要包括国际金融组织贷款、外国政府贷款及国际商业贷款。国外贷款中国际金融组织和外国政府贷款是中国政府的主权外债，具有贷款期限长、贷款成本相对较低、注重公共领域发展等特点。贷款资金的借入与使用以中国国家财政和地方各级财政的信誉为基础，贷款管理以效益、资金、财务、债务管理为中心，实行“责、权、利”相结合，“借、用、还”相统一。

国际金融组织贷款是指世界银行（集团）、亚洲开发银行、联合国农业发展基金会和其他国际性、地区性金融组织提供的贷款。主要用于基础设施、环境保护、社会发展等领域建设。

外国政府贷款是指一国政府向另一国政府提供的相对优惠贷款。主要用于基础设施、环境保护、社会发展等领域建设。

国际商业贷款是指境内机构以商业性条件在国际金融市场筹措，并以外国货币承担的契约性偿还义务的资金。主要包括出口信贷、外国银行（机构）贷款、发行债券、国际融资租赁等。

问:目前中国国内的国际金融组织贷款主要是世界银行和亚洲开发银行贷款，请问这两种贷款条件主要是什么？

答：世界银行2007年和2008年两次调整硬贷款条件，降低了贷款利差和先征费率，取消了承诺费，还延长了贷款期和宽限期，使贷款条件优化、贷款成本降低。

目前世界银行向中国提供的贷款主要条件为：贷款期最长30年（含宽限期5—17年）。贷款利率以6个月伦敦银行同业拆借利率（LIBOR）为基础，由世界银行筹资成本加相应利差构成，其中，固定利差贷款利率平均为LIBOR加0.05%，浮动利差贷款利率平均为LIBOR减0.06%。目前LIBOR利率为2.8275，世界银行固定利差贷款利率为2.8775%，浮动利差贷款利率为2.76%。此外，世界银行在贷款协定生效后，一次性按贷款总额的0.25%收取贷款先征费。

亚洲开发银行最近调低了硬贷款的利息和承诺费。目前，亚洲开发银行最新的贷款利率约为4.30%，中国国内银行5年以上期贷款利率为7.83%。

2007年10月1日前贷款谈判的亚洲开发银行贷款，在6个月LIBOR 的基础上，外加60个基点确定亚行贷款的利率，并按0.35%的年率收取承诺费。

此次亚洲开发银行调低了贷款产品的利息和承诺费水平，对2007年10月1日后谈判的贷款，将永久性减免40个基点，净利差为20个基点，即在LIBOR的基础上加20个基点作为亚行贷款的利率。同时决定取消先征费，并将承诺费年率降低至0.15%。

亚洲开发银行对中国提供贷款，偿还期一般为24—26年，其中含4—6年宽限期。银行贷款息费调整后，贷款成本降低，优惠程度也会进一步加大。