Wednesday, 13 April 2016

DANGOTE GETS CHINESE BANK LOAN FOR TWO CEMENT PLANTS


Aliko Dangote
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.

Without elaborating, Dangote told Reuters, “The interest rate is okay, quite favorable with me”.

“It’s for my two cement companies that we are establishing in Nigeria.”

The deal included China Export & Credit Insurance Corporation (Sinosure).

Dangote cement group is targeting 81 million tonnes of cement per annum, which will make the group one of the top six cement companies in the world.

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