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ICBC pledges $2 billion loan to Dangote Group for construction of 2 cement plants
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Dangote Cement Plc |
| Country | Nigeria |
| Start Date | Jan 01, 2016 |
| End Date | Jul 07, 2026 |
| Duration | 3,840 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 52317 |
Grant Description
ICBC pledges $2 billion loan to Dangote Group for construction of 2 cement plants On April 12, 2016, the chairman of the Nigerian conglomerate Dangote Group secured a $2 billion loan from the Industrial and Commercial Bank of China Limited to build two cement plants in Nigeria. The deal also includes the China Export and Credit Insurance Corporation (Sinosure).
ICBC reported that only a cooperation agreement was signed with Dangote Group. No transaction amount recorded for now.
The Chairman of the Dangote Group on 11 April 2016 announced the start of the building of a $1 billion 2-line six million metric tonnes capacity cement plant in Okpella in Edo State, Nigeria.
It is not confirmed where the second $1 billion cement plant will be located or if the Edo State plant is going to be expanded further.
Sources & References
- CHINA REPORT: Sight and sound of Buhari’s visit to China
- Dangote Signs $2 billion Loan Deal with Industrial Commercial Bank of China
- Dangote signs $2 billion loan deal with Chinese bank to build cement plants
- Dangote signs $2bn deal with Industrial Commercial Bank of China
- Nigeria's Dangote signs Chinese bank loan
- 工商银行与尼日利亚签署多项合作协议
- UPDATE 4-Nigeria says China offered $6 billion loan for infrastructure
- ICBC Signs Multiple Agreements with Nigeria
- PRESIDENT BUHARI’S BALANCING ACT BETWEEN THE US AND CHINA 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
Dangote Cement Plc
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