Active Mixed AidData Chinese Aid

China Eximbank pledges $600 million loan for Akwa Ibom Refinery Project

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Nigeria
Country	Nigeria
Start Date	Jul 01, 2003
End Date	Aug 23, 2028
Duration	9,185 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`1528`

Grant Description

China Eximbank pledges $600 million loan for Akwa Ibom Refinery Project In July 2003, the Export-Import Bank of China promised to provide $600 million to facilitate the acquisition of equipment for the Akwa Ibom refinery project as soon as the government obtained a license for the plant's construction.

The Director General of the Akwa Ibom Industrial Promotion Council, Andy Inyang, said the loan represented 80% of the funding needed for the project.

China Petrochemical Corporation, SINOPEC and North China Power Engineering Company Limited were the contractors selected to participate in the project.

📋 Staff Comments

It is unclear if China Eximbank ultimately provided any funding for this project. Some reports suggest that Gulf Bank of Nigeria plc. may have ultimately financed the project.

📚 Sources & References

China to support refinery project in Nigeria.
From The President’s Desk
Three refineries to begin operations in Akwa Ibom
Progress Report on the Operations & Activities of Akwa Ibom Investment Corporation
China Digs Deep Into Akwa Ibom Oil, http://www.newswatchngr.com/editorial/prime/2001/16042001/biz10417164300.htm 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

Government of Nigeria

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