Dangote signs $2b Chinese loan for 2 cement plants

Dangote signs $2b Chinese loan for 2 cement plants

Tuesday, April 12, 2016 4:08 pm


Dangote Group, the company owned by Africa’s richest man Aliko Dangote, signed a deal on Tuesday for a $2 billion loan from the Industrial Commercial Bank of China Ltd for two cement plants, he told Reuters.

“The interest rate is okay, quite favourable with me,” Dangote said, without elaborating.

“It’s for my two cement companies that we are establishing in Nigeria.”

The deal included China Export & Credit Insurance Corporation (Sinosure).

Dangote recently announced he was building a $1billion cement plant in Okpella Edo State.

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