Project ID: 60940

ICBC provides $200 million buyer's credit facility to MTN Nigeria Communications to facilitate acquisition of telecommunication equipment from Huawei

Commitment amount

$ 278545387.15924805

Adjusted commitment amount

$ 278545387.16

Constant 2021 USD

Summary

Funding agency [Type]

Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]

Recipient

Nigeria

Sector

Communications (Code: 220)

Flow type

Loan

Level of public liability

Private debt

Infrastructure

No

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-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

Implementation (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2010-06-09

Description

In 2010, the Industrial and Commercial Bank of China (ICBC) and MTN Nigeria Communications Ltd. signed a $200 million buyer’s credit facility agreement. The loan carries a 3.41% interest rate and a 5-year maturity (final maturity date of June 2015). As of June 30, 2014, the facility had an outstanding balance of $61.1 million. The proceeds from the buyer's credit facility were used to purchase equipment from Huawei.

Number of official sources

4

Number of total sources

6

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Details

Cofinanced

No

Direct receiving agencies [Type]

MTN Nigeria [Private Sector]

Implementing agencies [Type]

MTN Nigeria [Private Sector]

Huawei Technologies Co., Ltd. [Miscellaneous Agency Type]

Loan Details

Maturity

5 years

Interest rate

3.41%

Grant element (OECD Grant-Equiv)

13.2111%

Bilateral loan

Export buyer's credit

Investment project loan