China Eximbank provides $23 million loan to support the expansion of Starcomms Limited telecommunications network
Commitment amount
$ 43321544.98
Constant 2017 USD
Summary
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Recipient
Nigeria
Sector
Communications (Code: 220)
Flow type
Loan
Concessional
Vague
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 unofficial sources
6
Details
Cofinanced
No
Receiving agencies [Type]
Star Communication Network Technology Co., Ltd. [Private Sector]; Zenith Bank Plc. [State-owned Bank]
Implementing agencies [Type]
Huawei Technologies Co., Ltd. [Other]; Star Communication Network Technology Co., Ltd. [Private Sector]
Accountable agencies [Type]
Loan type
No Information
Gurarantee provided
No
Insurance provided
Yes