Project ID: 1851

China Eximbank provides $500 million preferential buyer’s credit for Phase 1 of Abuja Light Rail Network Project (Linked to Project ID#60731, #30340, #30341)

Commitment amount

$ 509252346.2

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Nigeria

Sector

Transport and storage (Code: 210)

Flow type

Export Buyer's Credit

Concessional

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

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Implementation

2009

2009-05-28

Actual start

Commitment year

2012

Completion

2018

2015-01-01

Planned

2018-07-12

Actual

NOTE: This project began implementation and then later secured financing from a Chinese funding agency to continue project implementation

Geography

Description

On November 7, 2012, China Eximbank and the Government of Nigeria signed a $500,000,000 preferential buyer’s credit (PBC) agreement for Phase 1 of the Abuja Light Rail Network Project. The Federal Government of Nigeria made a counterpart contribution to the project worth $314 million. The PBC carried the following terms: 20 year maturity, 7 year grace period, and a 2.5% interest rate. The final maturity date of this loan is September 21, 2032. As of March 31, 2020, Nigeria’s Debt Management Office (DMO) reported that the China Eximbank had disbursed 100% of the original face value of this loan. The second phase (recorded in recorded in Project ID#60731) will connect the main urban area of ​​Abuja with surrounding satellite cities. China Civil Engineering Construction Company (CCECC) was the EPC contractor responsible for implementation of Phase 1. It was awarded an EPC contract in early 2007 and a formal groundbreaking ceremony took place in May 2007. However, construction did not begin until May 28, 2009. By September 2012, CCECC had achieved a 25% completion rate. As of May 2017, it had achieved a 93% completion rate. Then, on July 12, 2018, Phase 1 was completed and opened for use.

Additional details

The Chinese project title is 阿布贾城铁项目 or 的首都阿布贾铁路轨道交通项目 or 阿布贾城铁一期. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it records the maturity length of this loan as 19 years. AidData records the maturity length (20 years) that is reported by Nigeria’s Debt Management Office (DMO) in its “Status of Loans Obtained from China Exim As At March 31, 2020” publication.

Number of official sources

15

Number of unofficial sources

19

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Nigeria [Government Agency]

Implementing agencies [Type]

China Civil Engineering Construction Corporation (CCECC) [State-owned Company]; Guangdong Xinguang International Group [State-owned Company]

Loan type

Concessional

Maturity

20 years

Interest rate

2.5%

Grace period

7 years

Grant element

52.39978832%

Gurarantee provided

No

Insurance provided

No