African billionaire, Aliko Dangote, has signed a $650 million loan facility with the African Export-Import Bank (Afreximbank) for his oil refinery project in Lekki, Nigeria.
The seven-year term loan would attract a moratorium of five years, according to facility terms read out during the signing.
Cairo-based Africa’s trade bank also signed a $750 million facility with Nigeria’s development bank, the Bank of Industry.
The loans were signed in Abuja, where Afreximbank is holding its annual general meeting and 25th anniversary.
Dangote Group Executive Director Devakumar Edwin said that the oil refinery would cost around $10 billion and should be completed by December 2019.
He said the company would borrow $3.3 billion for the project, arranged by Standard Chartered Bank. The remainder will be funded by equity and through export agencies.
- RECIPE OF THE DAY: Moroccan Lamb Tangine With Asian Pears
- Ethiopia Prime Minister’s New Defense Minister Is A Woman and So Is 50% Of His Ministerial Cabinet
- 10 Beautiful Hair Colors To Inspire Your Next Look
- 👍🏾Tunisia Becomes Second African Country And First Arab Nation To Outlaw Racism. Here Is What Will Happen If You Break The Law
- Kanye West and Kim Kardashian Are Given Ugandan Names
- Africa 24K Gold-Plated Afronista Statement Earrings $29.95
- African Print triangle bikini $19.95 – $29.95
- Alephonsion Deng Cover $4.95