Economy

China to fund $900m projects in Nigeria

(Agencies)
Updated: 2010-12-24 13:58
Large Medium Small

LAGOS, Nigeria - Nigeria says it has secured a $900 million loan from China to boost infrastructure in Africa's most populous country, the Associated Press reported Friday. 

Minister of Finance Olusegun Aganga told the reporters that the Nigerian government had signed a $900 million loan agreement with the Export-Import Bank of China for the construction of a $500-million railway in the capital and a $400-million public security communications project.

Related readings:
China to fund $900m projects in Nigeria China investments meet bottleneck overseas
China to fund $900m projects in Nigeria Chinese investments aid international trade
China to fund $900m projects in Nigeria Cambodia wants more investments from Chinese firms
China to fund $900m projects in Nigeria China eyeing major Greek investments: report

While Nigerian commercial banks avoid risk, China has become a major financier of projects across the continent, the report said. 

A Chinese report released Thursday said that China's direct investment in Africa had reached $9.33 billion in 2009, a jump from $490 million in 2003.