Finance

Nigeria: China’s CHEC pumps additional $221mln in Lekki Deepwater Port

Nigeria: China’s CHEC pumps additional $221mln in Lekki Deepwater Port
Tuesday, 07 April 2020 15:50

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.

Idriss Linge

On the same topic
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Verdant Capital has invested $3 million in Nigerian fintech Bfree to help recover distressed loans in Africa. The deal will allow Bfree to...
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...

Cybersecurity Key to Côte d'Ivoire's Tech Future– VITIB's N'ZI
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.