Project ID: 31100

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

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 (China Eximbank) [State-owned Policy Bank]

Recipient

Nigeria

Sector

Transport and storage (Code: 210)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

Vague (Official Finance) (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

2013-01-01

Description

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.

Number of official sources

2

Number of total sources

11

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Nigeria [Government Agency]

Implementing agencies [Type]

China Civil Engineering Construction Corporation (CCECC) [State-owned Company]

Loan Details

Bilateral loan

Investment project loan