Active Development AidData Chinese Aid

YTO China-Africa Machinery Corporation (CAMACO) pledges $4.5 billion loan for acquisition of agricultural machinery

$4.5M USD

Funder	China-Africa Machinery Corporation (CAMACO)
Recipient Organization	Government of Nigeria
Country	Nigeria
Start Date	Apr 01, 2017
End Date	Dec 27, 2029
Duration	4,653 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`61638`

Grant Description

YTO China-Africa Machinery Corporation (CAMACO) pledges $4.5 billion loan for acquisition of agricultural machinery According to The Jordan Times in April 2017, a Memorandum of Understanding was signed with the Chinese government for a line of credit to cover $4.5bn worth of machinery for agricultural mechanization in the country.

The MoU was signed between the China-Africa Machinery Corporation (CAMACO) and the Nigerian Government.

According to Premium Times, the loan is to "enable Nigeria purchase farming tools including tractors, bulldozers, graders, [and] irrigation pumps." The Sun reports that Nigerian President Muhammadu Buhari has given approval to the ‎Ministry of Finance, Budget and National Planning and the Central Bank ‎of Nigeria to sort out the technical details of the loan.

📋 Loan / Grant Terms

💰 Loan Amounthas a repayment period of 20 years with 5 years moratorium and an interest rate of 1% per annum

📋 Staff Comments

Loan terms can be found in the source 'China to loan Nigeria $4.5 billion to boost agriculture'.This line of credit project has been marked as umbrella to avoid double counting any linked or subsidiary projects.

📚 Sources & References

$4.5bn China loan to be dedicated to agricultural mechanization
Buhari approves sharing of $4.5b Chinese loan
UPDATE 1-China offers Nigeria $4.5 bln loan for farm machinery
Chinese company to supply 80, 000 tractors to farmers
FG, govs meet over $4.5bn Chinese loan
China to loan Nigeria $4.5 billion to boost agriculture 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.