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ICBC contributes $112.5 million to $500 million syndicated loan for Nigeria Telecom Tower Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | IHS Nigeria Limited |
| Country | Nigeria |
| Start Date | Dec 01, 2014 |
| End Date | Aug 08, 2033 |
| Duration | 6,825 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 60920 |
Grant Description
ICBC contribution to USD 500 million syndicated loan for Nigeria Telecom Tower Project In 2014, Nigeria IHS Limited signed a $500 million syndicated loan agreement with International Finance Corporation (IFC), Industrial & Commercial Bank of China (ICBC), Managed Co-Lending Portfolio Programme (MCPP), Stanbic IBTC Bank Plc., Standard Chartered Bank (SCB), Investec Asset Management (PTY) Limited, and Ecobank Nigeria Limited.
This loan carried an interest rate between 7.0% to LIBOR plus a 7.5% margin. World Bank’s International Finance Corporation (IFC) contributed $50 million to the lending syndicate. ICBC contributed $112.5 million to the lending syndicate. MCPP contributed $37.5 million to the lending syndicate. On October 27, 2016, this loan was repaid in full.
IHS Nigeria Limited used the proceeds from this loan to acquire approximately 2,200 tower sites from Etisalat Nigeria and construct additional Build-to-Suit towers.
The expansion was undertaken to improve network congestion, reduce operating costs, and increase service coverage for the mobile operators.
IHS Nigeria Limited is headquartered in Lagos and is a full service telecoms infrastructure company, providing collocation, management, and build-to-suit services to Mobile Network Operators and other broadband service providers. The business was founded in 2001.
Sources & References
- World Bank Loans $200m to Nigerian Mobile Operator to Fund Phone Towers
- ICBC Devotes to Supporting China-Africa Financial Cooperation
- Nigeria: IHS secures USD 200 Million in financing
- ICBC Devotes to Supporting China-Africa Financial Cooperation
- World Bank lends $200 mln to Nigeria phone firm for tower deal
- Q3 2016 Condensed Combined Interim Report, 2016 Proforma Combined FS IHS Netherlands
- Interim Financial Statements for the quarter ended 31 July 2013
- IHS 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
IHS Nigeria Limited
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