(Ecofin Agency) - China Harbour Engineering Company (CHEC), the Chinese conglomerate which is also a stakeholder in the Lekki Deep Water Port Project in Nigeria, has made an equity contribution of $221.03 million to the project. The amount was disbursed on 30 March 2020, according to a press release published on the project site.
This contribution, according to Nigerian authorities, shows CHEC's deep commitment to the success of the project and will help accelerate the timely delivery of the project.
The Lekki Deep Water Port is one of the major maritime transport infrastructure projects in Nigeria. It will strengthen the free trade zone which is being developed by Tolaram Group, a diversified holding company headquartered in Singapore with operations in several countries around the world. For the construction of this port, the Nigerian government signed a loan agreement of $629 million with the China Development Bank in December 2019.
CHEC is part of the consortium led by Tolaram Group which, together with other partners, owns 75% of the 45-year concession period given for this infrastructure.