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ICBC provides $200 million buyer's credit facility to MTN Nigeria Communications to facilitate acquisition of telecommunication equipment from Huawei
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | MTN Nigeria |
| Country | Nigeria |
| Start Date | Jun 09, 2010 |
| End Date | Aug 14, 2027 |
| Duration | 6,275 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 60940 |
Grant Description
ICBC provides $200 million buyer's credit facility to MTN Nigeria Communications to facilitate acquisition of telecommunication equipment from Huawei On June 9, 2010, the Industrial and Commercial Bank of China (ICBC) and MTN Nigeria Communications Ltd. signed a $200 million buyer’s credit facility agreement.
It was scheduled for repayment in 7 equal semi-annual installments from June 2012 to June 2015. The proceeds from the buyer's credit facility were to be used by the borrower to purchase equipment from Huawei. As of June 30, 2014, the facility had an outstanding (principal) balance of $61.1 million.
The deal was part of a large bout of financing totaling just over US $2 billion dollars that was secured by MTN Nigeria in June 2010. The first facility was an NGN 250 billion syndicated 5-year loan from a consortium of 15 Nigerian banks.
The remaining dollar denominated facilities consisted of ICBC’s $200 buyer’s credit facility, which is captured in this record, as well as a $250 million export credit facility from KfW Ipex for purchase of equipment from Ericcson, a Swedish telecom equipment manufacturer.
Staff Comments
1. The buyer's credit facility held a five-year maturity period beginning in June 2010; however, repayments were not scheduled to commence until June 2012. Therefore, AidData considers the initial two-year interval as a de-facto grace period.
Sources & References
- Banks Grant MTN N318 Billion Loan Facilities
- MTN Nigeria in loan agreement
- MTN (MAURITIUS) INVESTMENTS LIMITED
- 专项融资产品
- Special Financing Products
- MTN Listing Memorandum
- Introduction and Overview
- MTN pours $2bn into Nigeria
- MTN signs $2.15 billion loan deal
- MTN Nigeria raises US$2bn loan
- IJGLobal - MTN Nigeria Telecoms Expansion
- Nigeria: MTN Seals N318 Billion Funding Deal With 17 Banks
- MTN Receives N318 Billion Loan from 17 Banks
- MTN Nigeria signs $2.2 bln loan deals for expansion
- Scrambled in Africa 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
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