China Eximbank contributes $39.37 million of debt financing for Magboro Steel Mill Project (Linked to Record ID#60922)

China Eximbank contributes $39.37 million of debt financing for Magboro Steel Mill Project On June 24, 2008, a syndicate of banks (including China Eximbank and Citigroup) signed a $137.79 million loan agreement with WEMPCO Steel Mill Co Ltd — a special purpose vehicle (SPV)— for the Magboro Steel Mill Project.

The loan has a 7-year maturity (final maturity date: June 24, 2015), China Eximbank contributed $39.7 million to the loan and Citigroup contributed $98.42 million to the loan.

On the same day, WEMPCO Steel Mill Co Ltd secured an $59.05 million loan from Zenith Bank and Access Bank for the Magboro Steel Mill Project.

Wempco Group (Western Metal Products Company, a Chinese owned company) also make a $64.96 million equity contribution for the same project (see Record ID#60922). 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.