Project ID: 31033

China Eximbank pledges $500 million loan for Electricity Transmission Network Project

Pledged amount

$ 485830935.1

Constant 2017 USD

Not recommended for aggregates

This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.

Summary

Funding agency [Type]

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

Recipient

Nigeria

Sector

Energy (Code: 230)

Flow type

Loan

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-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: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2013

Description

In August 2013, China Eximbank signed a memorandum of understanding (MoU) with the Government of Nigeria for a $500 million concessional loan to expand the country’s power transmission networks. The Federal Government of Nigeria also entered into an agreement with Xi'an Electric Company Limited to execute a $500 million electricity transmission project aimed at expanding and upgrading Nigeria's weak transmission network within two years. This project was to be designed and supervised by Manitoba Hydro International (MHI), the Federal Government of Nigeria’s appointed management contractor for the Transmission Company of Nigeria (TCN). China Eximbank’s loan pledge was part of a larger $1.6 billion financial package from the African Development Bank, the World Bank, and a Euro Bond Issue. However, it does not appear that that this pledge ever materialized into an official commitment.

Additional details

Boston University’s China's Global Energy Finance Database identifies this $500 million loan as an official commitment. However, AidData has not identified any official sources that confirm that a loan agreement was finalized. Also, in its “Status of Loans Obtained from China Exim As At March 31, 2020” publication, the Government of Nigeria’s Debt Management Office (DMO) does not identify a loan for this purpose/project.

Number of official sources

1

Number of unofficial sources

13

Download the dataset

Details

Cofinanced

No

Receiving agencies [Type]

Government of Nigeria [Government Agency]

Implementing agencies [Type]

Transmission Company of Nigeria [Private Sector]; Xi'an Electric Manufacturing Corp (XD) [Private Sector]

Loan type

Concessional

Gurarantee provided

No

Insurance provided

No