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Nigeria Secures $747m Loan for Lagos-Calabar Coastal Highway
The Business NG
|The BusinessNG
In a landmark move to boost infrastructure development, the Federal Government of Nigeria has secured a $747 million syndicated loan to finance Phase 1, Section 1 of the Lagos-Calabar Coastal Highway, stretching from Victoria Island to Eleko Village.
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The loan, coordinated by Deutsche Bank, marks the largest syndicated road infrastructure financing of its kind in Nigeria and is seen as a vote of confidence in the country's ongoing economic reforms and infrastructure agenda.
Deutsche Bank acted as the Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, working with a consortium of international and regional lenders. These include First Abu Dhabi Bank, the African Export-Import Bank (Afrexim), the Abu Dhabi Exports Office (ADEX), ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V., and Zenith Bank through its offices in the UK, Paris, and Nigeria.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is providing partial political and commercial risk insurance for the project, further enhancing its international credibility.
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