Loading grant details…
CDB, CCB, and ICBC provide $300 million syndicated buyer's credit facility for MTN Telecommunications Project (Linked to Record ID#67050, #67049, and #67048)
| Funder | China Construction Bank Corporation (CCB)|China Development Bank (CDB)|Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | MTN Nigeria |
| Country | Nigeria |
| Start Date | Apr 24, 2013 |
| End Date | Dec 08, 2028 |
| Duration | 5,707 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 60939 |
Grant Description
CDB, CCB, and ICBC contribute to $300 million syndicated buyer's credit loan for MTN Telecommunications Project On April 24, 2013, China Development Bank (CDB), the Industrial and Commercial Bank of China (ICBC), and the China Construction Bank (CCB) signed a $300 million syndicated buyer’s credit facility agreement with MTN Nigeria Communications Ltd. to upgrade and expand its network.
The principal repayment of ten (10) equal installments commenced in July 2015. As of June 30, 2014, the loan's (principal) amount outstanding was $85.05 million.
Huawei was responsible for the implementation of this project, and the proceeds from the syndicated buyer's credit facility were used by MTN Nigeria Communications Ltd. to purchase telecommunications equipment from Huawei. MTN Nigeria and Huawei completed commercial deployment of the RuralStar 2.0 solution on April 3, 2018.
Record ID#60939 is the umbrella record that captures the entire $300 million syndicated buyer's credit facility. Record ID#67049 captures the $100 million contribution from CDB. Record ID#67050 captures the $100 million contribution from CCB. Record ID#67048 captures the the $100 million contribution from ICBC.
Staff Comments
- This project is also known as the MTN Fiber Optic Cable Project. The Chinese project title is 了尼日利亚MTN光缆骨干网项目.
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Sources & References
- MTN (MAURITIUS) INVESTMENTS LIMITED
- MTN Nigeria Communications Limited Consolidated and Company Financial Statements
- MTN (MAURITIUS) INVESTMENTS LIMITED
- MTN Nigeria and Huawei Jointly Complete the Commercial Deployment of RuralStar 2.0
- 非洲电信业在合作中加速奔跑（国际视野·记者观察）
- MTN Nigeria Analysts’ Presentation May 2013
- MTN完胜尼日利亚
- MTN Nigeria Financing 2013 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
MTN Nigeria
Interested in applying for this grant?
Complete our application form to express your interest and we'll guide you through the process.
Apply for This GrantQuick Summary
Related Grants
