ICBC provides $42.5 million loan for HELIU Residences Project

Project narrative

In 2017, the Industrial and Commercial Bank of China (ICBC) and FIT Consult signed a $42.5 million loan agreement for the HELIU Residences Project. This loan carries an 8 year maturity, 2 year grace period, and 4% interest rate. It is insured by Sinosure and guaranteed by a local bank in Nigeria called Access Bank Plc. This project, which is being implemented as a public-private partnership (PPP) and financed according to 85:15 debt-to equity ratio, is a multi-housing development scheme in Enugu State. It involves the construction of bungalows, duplexes, and houses — and the installation of electricity, road, and water infrastructure to support these residences — in Enugu along the Enugu-Umuahia-Port-Harcourt Expressway. FIT Consult is undertaking this project in partnership with Enugu State Government. It has contracted China Shenyang International Economic and Technical Corporation Limited (CSYIC) to assist with project implementation. Construction began on or around June 27, 2017. At least 70 bungalows have been completed to date. On December 7, 2017 the Industrial and Commercial Bank of China approved the loan. As of 2021, the construction was still ongoing.