Nigeria: Lekki Port Receives First Tranche of U.S.$629 Million China Devt Bank Facility

(file photo).

The Lekki Port LFTZ Enterprise Limited said it has received the sum of $60million, which is the first instalment of the $629 million loan facility from the China Development Bank for the construction of the Lekki Deep Sea Port.

The $629 million loan facility agreement with China Development Bank was signed in Lagos in 2019, to provide the funding for the deepest seaport in the sub-Saharan African region.

According to a statement issued yesterday, the Managing Director, Lekki Port LFTZ Enterprise Limited, Mr. Du Ruogang, disclosed this while briefing the delegation of the Federal Ministry of Transportation and other stakeholders during the ministry's first quarterly monitoring visit to the project site at the weekend.

Ruogang stated that the first instalment of the loan facility was received on Thursday, April 29, 2021, as the company had satisfied all conditions precedent for the release of the funds.

He expressed appreciation to the Federal Ministry of Transportation, the Lagos State Government and the Nigerian Ports Authority (NPA) for all the support in this regard.

He stated that receipt of the first instalment of the loan facility was a major breakthrough in the quest to deliver a world-class deep seaport and to ensure that commercial operations commence before the end of 2022.

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