China Eximbank provides $157 million preferential buyer’s credit for Supply of Rolling Stocks and Depot Equipment for Abuja Light Rail Project (Linked to Project ID#1851)

On May 29, 2018, China Eximbank and the Government of Nigeria signed a $157,001,049.89 preferential buyer’s credit (PBC) agreement for the Supply of Rolling Stocks and Depot Equipment for Abuja Light Rail Project. The PBC (loan) carried the following borrowing terms: a 20 year maturity, a 7 year grace period, and a 2.5% interest rate. The final maturity date of this loan is March 21, 2038. As of December 31, 2020, Nigeria’s Debt Management Office (DMO) reported that the China Eximbank PBC (loan) had not yet disbursed and the borrower had not made any interest or principal repayments to the lender. The proceeds of the loan were to be used by the borrower to partially finance a commercial contract between the Government of Nigeria and China Civil Engineering Construction Company (CCECC), which was signed on May 23, 2017. The purpose of the project is to facilitate the acquisition of 12 trains and 48 locomotives and rolling stock to support the Abuja Light Rail. In 2012, China Eximbank also issued a $500 million loan for the construction of the Abuja Light Rail Network Project (as captured via Project ID#1851)

Additional details

1. The Chinese project title is 阿布贾城铁机车采购项目 or 了阿布贾城铁一期动车组和车辆段设备采购. 2. On May 29, 2018, China Eximbank and the Government of Nigeria also signed a $381,090,000 preferential buyer’s credit (PBC) agreement for the Greater Abuja Water Supply Project (captured in Project ID#60724). 3. AidData records the borrowing terms reported by Nigeria’s Debt Management Office (DMO) in its ‘Loans Obtained from China Exim As At December 31, 2020’ publication.

Number of official sources

14

Number of total sources

27