China Development Bank Offers USD 629m Loan for Lekki Deep Seaport Project Completion
China Development Bank is to provide a loan of USD 629 million for the Lekki Deep seaport financing,
The loan was for the China Harbour Engineering Company (CHEC), which owns majority shares in the project.
The project which started in 2011 has been delayed due to lack of fund.
The CHEC had signed a 45-year concessionary agreement with Lekki Port LFTZ Enterprise Limited (LPLTZ) to complete the first phase of the deep seaport project.
The Deep seaport has 680-meter container berths with a depth of 16.5 meters.
It will be capable of handling ships with a capacity of up to 18,000 TEU.
“The loan facility represents a significant milestone, which when combined with foreign direct investment of USD 230 million through equity injection by CHEC, will ensure a successful delivery of the seaport and reposition Nigeria as the transshipment hub in sub-Saharan Africa upon the conclusion of the second phase,” Biodun Dabiri, Chairman of Lekki Port Board of Directors, commented, according to World Maritime News.
CHEC Chairman Lin Yichong said that the first phase of the project would be built with an annual handling capacity of 1.2 million TEU, adding that the capacity would be increased to 2.5 million TEU upon the completion of the second phase.
The Lagos State Governor Babajide Sanwo-Olu witnessed the signing of four agreements.