Dangote Signs $2bn Chinese Bank Loan For Two Cement Plants

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President, Dangote Group

By Dipo Awojobi – 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 reportedly told Reuters.

Chairman, Dangote Group
Chairman, Dangote Group

“The interest rate is okay, quite favorable with me,” Dangote said, without elaborating. “It’s for my two cement companies that we are establishing in Nigeria.”

The deal included China Export and Credit Insurance Corporation.

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