Chinese Partner Funding Delays $462M Bonny Deep Seaport Project

Former min. of Transport, Mr. Sambo Muazu said that the commencement of the Bonny Deep Seaport project has been delayed due to the Chinese Fx Bank's inability to provide 85% of its counterpart funding
SeaportThe punch

In a Facebook interview, Muazu clarified that despite the setback, the project is still progressing and is intended to be a part of the rehabilitation efforts for the Port Harcourt – Maiduguri railway line.

He further explained that the project is currently being supported by the 15 percent appropriation funding. Muazu emphasized that the Bonny Deep Seaport remains a significant endeavor in conjunction with the rehabilitation of the Port Harcourt – Maiduguri railway line.

He said, “Now, it is supposed to be funded 85 percent by a Chinese concessionary loan from China Exim Bank while the balance of 15 percent is to be provided under our appropriation.

“So far, all the works going there currently is funded from the 15 percent appropriation, the 85 percent from Chinese Exim Bank has not materialized.

“As we speak, the  contractor, China Civil Engineering Construction Company, CCECC, is looking for alternative funding mechanism  based on commercial laws.

“Now, that will be subject to review of both the Federal Ministry of Finance, Budget and National Planning and the Debt Management Office as well all as the  National Assembly”.

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