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FG Signs $3.9bn Deal With Chinese Firm For Abuja-itakpe Railway Construction - Printable Version +- Forums (http://contripeople.com) +-- Forum: General Discussion (http://contripeople.com/forumdisplay.php?fid=5) +--- Forum: Market Place (http://contripeople.com/forumdisplay.php?fid=77) +--- Thread: FG Signs $3.9bn Deal With Chinese Firm For Abuja-itakpe Railway Construction (/showthread.php?tid=23482)

FG Signs $3.9bn Deal With Chinese Firm For Abuja-itakpe Railway Construction - Edoman - 10-11-2019 The federal government on Thursday, October 10, signed a deal of $3.9 billion with China Railway Construction Corporation (CRCC) for the construction of the Abuja-Itakpe railway. The Chinese firm, according to Rotimi Amaechi, the minister of transportation, will also handle the construction of a seaport in Warri, Delta state, Daily Trust reports. S peaking in Abuja during the signing ceremony, Amaechi said that the Public-Private Partnership (PPP) agreement states that Nigeria will take care of 15% of the cost, while CRCC will handle 10% of it. The minister also stated that the remaining 75% will be borrowed by the Special Purpose Vehicle (SPV) which the federal government will pay back in a period of 30 years after which it will take back ownership of the assets. He said: “We will give them a sovereign guarantee and they will give us a performance bond that protects our sovereign guarantee When they finish construction, they will manage for 30 years. “The entire railway for now in Nigeria is constructed 100 by CRCC. I think that the good working relationship we have had with CRCC is the reason we have not been able to engage other companies.” https://thickmatch.com/fg-signs-3-9bn-deal-chinese-firm-abuja-itakpe-railway-construction/