Overview

China Eximbank pledges loan for Section V of East-West Road Project

Commitment Year•2013Country of Activity•NigeriaDirect Recipient Country of Incorporation•NigeriaSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2013

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

Government of Nigeria

Implementing agencies

State-owned companies

China Civil Engineering Construction Corporation (CCECC)

Loan desecription

China Eximbank pledges loan for Section V of East-West Road Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In July 2013, the Government of Nigeria sought to secure a $500 million loan from China Eximbank for Section V of East-West Road Project. This project involves an extension of the East-West Road from Oron in Akwa Ibom State to Calabar in Cross River State. China Civil Engineering Construction has been awarded the commercial contract for this project. On June 7, 2017, it was reported that the Government of Nigeria was seeking a $774 million loan from China Eximbank for the project. Then, in February 2020, the Government of Nigeria announced that it was seeking an $800 million China Eximbank loan for the project.