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
Project lifecycle
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
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]