Project ID: 1645

China Eximbank provides $23 million loan to support the expansion of Starcomms Limited telecommunications network

Commitment amount

$ 49915367.04112543

Adjusted commitment amount

$ 49915367.04

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Nigeria

Sector

Communications (Code: 220)

Flow type

Loan

Level of public liability

Other public sector debt

Infrastructure

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2005-11-16

Description

On November 16, 2005, China Eximbank signed a $23 million loan agreement with Zenith Bank — a local bank in Nigeria — and Starcomms Limited. Sinosure insured this loan. The proceeds of the loan were used to support the continued expansion of Starcomms Limited’s telecommunications network in Nigeria. Zenith Bank was the primary borrower and it on-lent the proceeds from the loan to Starcomms Limited. At the time that the loan agreement was signed, Starcomms had over 200,000 subscribers on its network, the highest by any private telecoms operator in Nigeria. Huawei was the contractor responsible for project implementation.

Number of official sources

3

Number of total sources

9

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Details

Cofinanced

No

Direct receiving agencies [Type]

Zenith Bank Plc. [State-owned Bank]

Indirect receiving agencies [Type]

Star Communication Network Technology Co., Ltd. [Private Sector]

Implementing agencies [Type]

Huawei Technologies Co., Ltd. [Private Sector]

Star Communication Network Technology Co., Ltd. [Private Sector]

Insurance provider [Type]

China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]

Loan Details

Bilateral loan

Inter-bank loan

Investment project loan