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CDB provides $20 million loan to Reltel wireless Limited to facilitate its acquisition of Huawei equipment
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Zoomobile (formerly Reltel Wireless Ltd.) |
| Country | Nigeria |
| Start Date | Jan 01, 2006 |
| End Date | Nov 29, 2030 |
| Duration | 9,098 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 1801 |
Grant Description
CDB provides $20 million loan to Reltel wireless Limited to facilitate its acquisition of Huawei equipment In 2006, CDB and Reltel Wireless Limited — a private telecoms operator in Nigeria — signed a $20 million loan agreement. The proceeds from the loan were earmarked for the acquisition of telecommunication equipment from Huawei.
Reltel Wireless Limited reportedly purchased three major switches for use in Lagos, Port Harcourt and in the capital Abuja.
At the time that this loan agreement was signed, Reltel Wireless Limited had an installation capacity of 1.2 million subscribers, making it the largest fixed wireless operator in the country, where it served the key Nigerian cities of Lagos, Port Harcourt, Nnewi and Onitsha. Promptly after this deal, an India-based communications corp bought a majority stake in Reltel Wireless Limited.
Staff Comments
Some source suggests that Huawei provided vendor financing (I.e. a supplier credit to Reltel Wireless Limited, and the CDB in turn provided an export seller’s credit to Huawei.
Sources & References
- Company Finance Alert - Nigerian Fixed Wireless Operator Receives Huawei Facilitated Bank Loan
- China in Africa: A rapid research report
- MTNL CIRCLING NIGERIA’S RELTEL?
- How tidy is Nigeria-China relations?
- NIGERIAN FIXED WIRELESS OPERATOR RECEIVES HUAWEI FACILITATED BANK LOAN
- Reltel Wireless receives Huawei facilitated bank loan
- The limits of mutual benefit: A neo-mercantilist perspective on China’s economic relations with Nigeria 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
Zoomobile (formerly Reltel Wireless Ltd.)
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