Before the capitalist mode of production was established, international loans appeared, but they were limited to inter-governmental loans and some revolving credit provided for expanding international trade. 1From the second half of the 8th century to11940s, Britain first completed the industrial revolution, and its capital accumulation increased rapidly. In addition to lending to governments, it also began to provide credit to foreign enterprises. The capitalist system was established in Western Europe and the United States in the 1970s, but the main purpose of international loans at that time was to expand export trade and compete for the world market. At the beginning of the 20th century, capitalism developed into monopoly stage, monopoly capital groups were formed, and the world economic system dominated by financial capital was established. They have actively expanded their capital exports, and great progress has been made in the breadth and depth of international loans. At the beginning of the 20th century, the main capital exporting countries were Britain and France, among which Britain accounted for 465,438+0% of the total international loan claims at that time, and the main debtor countries were Europe, South America and North America. German and American capital exports are late, but they are growing rapidly. Russia and Japan also have a small amount of capital exports.
After World War I, the United States became the main supplier of long-term capital and the largest creditor country in the world. In the mid-1920s, the number of foreign securities issued by the United States tripled compared with that before the war, surpassing that of Britain. In the early days after World War II, the economic strength of the United States grew at an unprecedented rate. The United States exports capital to Western Europe and Japan through bilateral government agreements, and at the same time provides loans to Asian and African countries and development funds to Latin American countries through the World Bank. In the first half of 1950s, the loan funds provided by the United States accounted for 78.4% of the total funds in the international lending market. In the mid-1960s, with the economic recovery and strength growth, Western Europe and Japan expanded their loans to developing countries, and the credit ratio in the United States dropped to 44%. Since the 1960s, the scale of international loans has been increasing. The sources of funds and loan forms are also more diversified. In the past, loans to developing countries have been monopolized by western powers. Later, the Soviet Union and individual developing countries also lent money to other developing countries and even developed countries. With the expansion of international credit demand, eurodollar market, which was formed in the late 1950s, has gradually developed into a European currency market, and many new international financial markets have emerged, such as Luxemburg in Europe, Singapore, Hong Kong and Bahrain in Asia. There are also some offshore currency markets that specialize in offshore business, such as Bahamas and Cayman Islands. The appearance of these financial markets makes the international capital circulation channels more diversified, thus facilitating the financing.
What is an international loan?
International bank loan refers to the borrower borrowing funds from foreign banks in the international financial market to support a project.
Loans from international financial organizations: refers to loans provided by international and regional financial organizations such as the International Monetary Fund, the World Bank (Group), the Asian Development Bank and the United Nations Fund for Agricultural Development. The loan of the national financial organization you mentioned refers to the bank loan of a country. For example, our country, company or family apply to ICBC. China Agricultural Bank applied for a loan. _
Government loan refers to a preferential loan provided by one country to another government with its own financial funds. The loan term is long, the interest rate is low, and it has the nature of economic assistance. The Ministry of Foreign Economic Relations and Trade of China is responsible for the government loan. Government loans are loans provided and accepted in the name of bilateral governments. When borrowing international syndicated loans in China, firstly, the financial authorities should control the total loan scale from a macro perspective, and secondly, the borrowers should try their best to grasp the four links of borrowing, using, earning and repaying each international syndicated loan. The specific procedures are as follows:
-Apply for a loan. The borrower submits the power of attorney and relevant supporting documents and approval documents, such as contract, business license and government approval documents, to the entrusted bank. Entrust the entrusted bank to organize syndicated loans on behalf of the borrower.
-Accepting applications for entrusted loans. The entrusted bank submits a loan commitment letter to the borrower, indicating that it is willing to accept the entrustment of the borrower to help organize syndicated loans, but it needs the formal authorization of the borrower.
Authorization. The borrower formally submits a power of attorney to the entrusted bank, authorizing it to act as the lead bank, responsible for organizing syndicated loans and drafting relevant legal documents.
-Preparation conditions. After the lead bank is officially authorized by the borrower, it can start to hire lawyers to draft legal documents such as memorandum, loan clause structure and loan agreement according to the relevant information provided by the borrower.
-Organize a syndicate. After the loan structure terms and information memorandum are prepared, the lead bank can send an invitation to the participating banks of its choice. After receiving the invitation, the bank either agrees to the loan structure of the lead bank or makes its own quotation. After receiving the bank quotation, the lead bank will form a formal quotation through research and negotiation, submit it to the borrower and put forward opinions.
Negotiation. After receiving the quotation from the lead bank on behalf of the syndicate, the borrower should carefully consider each clause. If there are any differences, further negotiations will be held with the lead bank. Generally speaking, in order to make the negotiation have room for manoeuvre, several plans should be prepared before the negotiation, and according to the progress of the negotiation and the attitude of the other party, it is decided which terms can be conceded, how much, and which terms must be adhered to until both borrowers and lenders reach an agreement. At that time, the lead bank may entrust a lawyer to formally draft the loan agreement.
Sign. After the text of the loan agreement comes out, the borrower and the lender will discuss and negotiate the text item by item until a complete agreement is reached. Then both parties sign a loan agreement.
-abstinence. After the loan agreement is signed, the agent bank will be responsible for all the loan work. The borrower can apply for withdrawal from the correspondent bank within the withdrawal period stipulated in the loan agreement according to the progress of the project and the demand for funds.
-servicing the principal and interest. Syndicated loan agreements generally have specific provisions on the repayment period, frequency, amount and method of loan principal. Some loans can be repaid in one lump sum, and some loans must be repaid in several installments after the grace period. The latter method is more common. The number of loan repayments and the amount of each repayment shall be determined by the borrower and the borrower through consultation according to the project recovery.
What is an international project loan?
International project loan, also known as international project financing, refers to the lender's transnational loan to a specific project and repays the loan with the expected income of the project. International project loan is a relatively new international financing method, which is gradually developed to meet the needs of some large-scale international projects, such as energy and resource development, transportation, electric power, chemical industry and other large-scale projects. Project loans usually only account for 65% to 70% of the total project investment, and the rest is invested by the project organizers to reflect the principle that organizers and lenders bear risks.
International project loan process:
First, the international project loan personnel structure
(1) Lenders: government, export credit institutions and financial institutions, commercial banks, insurance companies and other institutions.
(2) Project sponsors: governments, companies and enterprises.
(3) Project Company: established by the project sponsor.
Two. Various forms of international project loans:
(1). The lender signs a loan agreement with the project company, and the lender provides loans to the project company;
(2) The sponsor signs the following three kinds of guarantee agreements with the lender or the project company, and the sponsor provides corresponding guarantees to the lender;
(3) The project company signs a pre-purchase agreement with the purchaser of the project products. After the project is put into production, the products will be sold as agreed, and the lender's loan will be repaid with the proceeds;
(4) The sponsor shall provide a guarantee to the project company to ensure that the buyer fulfills the payment obligations in the delivery or payment agreement;
(5) The lender signs a loan agreement with the finance company, and the lender provides loans to the finance company, and the loan amount is equivalent to the loan amount required by the project company agreed in advance;
(6) The finance company signs a pre-purchase agreement with the project company, and the finance company pays the money borrowed from the lender to the project company as the advance payment for purchasing the products of the project company;
(7) After the project is put into production, the project company will deliver the products to the finance company, and the finance company will resell the products to a third party according to the delivery or payment agreement, so as to repay the lender's loan with the proceeds;
(8) The sponsors provide guarantee for the project company's obligation to deliver products according to the pre-purchase agreement or the buyer's payment obligation in the delivery or payment agreement.