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ICBC provides $42.5 million loan for HELIU Residences Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | FIT Consult |
| Country | Nigeria |
| Start Date | Dec 07, 2017 |
| End Date | Oct 14, 2033 |
| Duration | 5,790 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 62012 |
Grant Description
ICBC provides $42.5 million loan for HELIU Residences Project In 2017, the Industrial and Commercial Bank of China (ICBC) and FIT Consult signed a $42.5 million loan agreement for the HELIU Residences Project.
It is insured by Sinosure and guaranteed by a local bank in Nigeria called Access Bank Plc.
This project, which is being implemented as a public-private partnership (PPP) and financed according to 85:15 debt-to equity ratio, is a multi-housing development scheme in Enugu State.
It involves the construction of bungalows, duplexes, and houses — and the installation of electricity, road, and water infrastructure to support these residences — in Enugu along the Enugu-Umuahia-Port-Harcourt Expressway. FIT Consult is undertaking this project in partnership with Enugu State Government.
It has contracted China Shenyang International Economic and Technical Corporation Limited (CSYIC) to assist with project implementation. Construction began on or around June 27, 2017. At least 70 bungalows have been completed to date. On December 7, 2017 the Industrial and Commercial Bank of China approved the loan.
As of 2021, the construction was still ongoing.
Staff Comments
loan terms can be found in the source 'Chinese Firm Secures $42.5m For Enugu Estate Construct'.
Sources & References
- Chinese Bank Approves $42.5m Loan For Enugu Housing Scheme
- Bank delay stalls $50m Chinese loan for Enugu housing project
- Enugu State Govt. Begins Construction Of N13bn Housing Project
- GOV. UGWUANYI THINKS BIG FOR ENUGU
- AS HE INSPECTS ONGOING STATE-OF-THE ART HELIU ESTATE
- Projects
- Chinese Firm Secures $42.5m For Enugu Estate Construction
- Chinese bank approves $42.5m loan for Enugu HELIU project
- The Milestones Under Gov Ifeanyi Ugwanyi 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
FIT Consult
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