The Federal Government of Nigeria has secured a $747 million syndicated loan to finance Phase 1 Section 1 (from Victoria Island to Eleko Village 47+47km) of the Lagos-Calabar Coastal Highway.
The loan is backed by Deutsche Bank which acted as Global Coordinator, Initial Mandated Lead Arranger and Bookrunner and participated in the syndicate, alongside other regional and international lenders.
The Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) provided partial political and commercial risk insurance.
This marks the first syndicated road infrastructure loan of its size in Nigeria and is a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.
More details later…
