ICBC pledges $2 billion loan to Dangote Group for construction of 2 cement plants
Pledged amount
$ 2361609016.716934
Adjusted pledged amount
$ 2361609016.716934
Constant 2021 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]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Nigeria
Sector
Industry, mining, construction (Code: 320)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
On April 12, 2016, the chairman of the Nigerian conglomerate Dangote Group secured a $2 billion loan from the Industrial and Commercial Bank of China Limited to build two cement plants in Nigeria. The deal also includes the China Export and Credit Insurance Corporation (Sinosure). ICBC reported that only a cooperation agreement was signed with Dangote Group. No transaction amount recorded for now. The Chairman of the Dangote Group on 11 April 2016 announced the start of the building of a $1 billion 2-line six million metric tonnes capacity cement plant in Okpella in Edo State, Nigeria. It is not confirmed where the second $1 billion cement plant will be located or if the Edo State plant is going to be expanded further.
Number of official sources
2
Number of total sources
9
Details
Cofinanced
No
Direct receiving agencies [Type]
Dangote Cement Plc [Private Sector]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]