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Overview

ICBC contributes $112.5 million to $500 million syndicated loan for Nigeria Telecom Tower Project

Commitments (Constant USD, 2023)$115,374,733
Commitment Year•2014Country of Activity•NigeriaDirect Recipient Country of Incorporation•NigeriaSector•CommunicationsFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 1, 2014

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Intergovernmental Organizations

  • International Finance Corporation (IFC)

Private Sector

  • Ecobank Transnational Inc. (ETI)
  • Investec Group
  • Stanbic Bank
  • Standard Chartered Bank PLC

Receiving agencies

Private Sector

  • IHS Nigeria Limited

Implementing agencies

Private Sector

  • IHS Nigeria Limited

Loan description

ICBC contribution to USD 500 million syndicated loan for Nigeria Telecom Tower Project

Interest rate (t₀)•7.82895%Interest type•Variable Interest Rate

Narrative

Full Description

Project narrative

In 2014, Nigeria IHS Limited signed a $500 million syndicated loan agreement with International Finance Corporation (IFC), Industrial & Commercial Bank of China (ICBC), Managed Co-Lending Portfolio Programme (MCPP), Stanbic IBTC Bank Plc., Standard Chartered Bank (SCB), Investec Asset Management (PTY) Limited, and Ecobank Nigeria Limited. This loan carried an interest rate between 7.0% to LIBOR plus a 7.5% margin. World Bank’s International Finance Corporation (IFC) contributed $50 million to the lending syndicate. ICBC contributed $112.5 million to the lending syndicate. MCPP contributed $37.5 million to the lending syndicate. On October 27, 2016, this loan was repaid in full. IHS Nigeria Limited used the proceeds from this loan to acquire approximately 2,200 tower sites from Etisalat Nigeria and construct additional Build-to-Suit towers. The expansion was undertaken to improve network congestion, reduce operating costs, and increase service coverage for the mobile operators. IHS Nigeria Limited is headquartered in Lagos and is a full service telecoms infrastructure company, providing collocation, management, and build-to-suit services to Mobile Network Operators and other broadband service providers. The business was founded in 2001.