Nigeria secures $747-million Deutsche Bank-led syndicated loan for coastal highway
Finance ministry spokesperson Mohammad Manga said the loan is the first of its size for road infrastructure in Nigeria.
Deutsche Bank acted as global coordinator in the syndicate, which includes First Abu Dhabi Bank (FAB.AD), opens new tab, African Export-Import Bank (AEIBy.MZ), opens new tab, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank (ZENITHB.LG), opens new tab.
The initial section of the highway financed by the loan spans 47.47 km, Manga said. The entire project is expected to cost around $11 billion and be completed in about eight years.
The highway will eventually link the commercial capital, Lagos, to the southeastern port city of Calabar.
($1 = 1,523.4800 naira)
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